Press Release

Secretary Gutierrez Issues Statement on the Signing of the
United States-Panama Trade Promotion Agreement

WASHINGTON—Commerce Secretary Carlos M. Gutierrez today released the following statement on the signing of the United States-Panama Trade Promotion Agreement:

“I am very pleased that the U.S.-Panama Trade Promotion Agreement (TPA) was signed today. The Panama TPA is a comprehensive agreement that will provide new economic opportunity for American businesses and workers and is a key part of this Administration’s effort to open markets for American exporters.

“Here at home, this agreement will help provide new economic opportunities for U.S. manufacturers and service providers, including significant opportunities to participate in the $5.25 billion expansion of the Panama Canal. In Panama, the agreement will attract new investment, create jobs and raise living standards.

“The Panama TPA will strengthen our friendship with the people of Panama and enhance our common security interests by fostering economic growth and strengthening democratic institutions. I would also like to commend the negotiators on both sides, especially Ambassador Susan Schwab, who have worked so diligently to forge this historic agreement, and I look forward to working with Congress as they consider the agreement.”

Background
In 2006, U.S. goods exports to Panama were $2.7 billion, up 25 percent from the previous year. Two-way trade in 2006 exceeded $3 billion. Major U.S. exports to Panama include mineral fuels, machinery, and pharmaceuticals. Panama's major exports to the U.S. include seafood, precious stones, and fruits and nuts. With this agreement, over 88 percent of U.S. goods exports to Panama will become duty-free immediately.