WASHINGTON – Today, Sen. Tom Carper (D-Del.) participated in the U.S. Senate Finance Committee hearing, "The U.S.-Panama Trade Promotion Agreement." For more information or to watch a webcast of the hearing, please click here. A copy of Sen. Carper's remarks, as prepared for delivery, follows:  

"Today's hearing on the U.S.-Panama Trade Promotion Agreement is an important step in moving the trade agreement forward. Under our current system, 98 percent of imports from Panama enter duty-free. Enacting the U.S.-Panama Trade Promotion Agreement would eliminate tariffs on almost 90 percent of U.S. exports of manufactured goods immediately. The elimination of these tariffs will result in increased American exports, a goal which I share with the Administration.  

"My top priority when examining these trade promotion agreements is keeping Delaware, its farmers and its manufacturers competitive. Under U.S. preference programs, agriculture exports from Panama to the United States enter tariff-free. The U.S.-Panama Trade Promotion Agreement will level the playing field for our agriculture industry, as U.S. poultry exports are expected to double the five year average of $9.6 million to about $20 million before full implementation of this agreement. Ultimately, selling more chickens in countries around the world results in more jobs and revenue for farmers of the First State – something that I like to see.  

"As I continue to look at the merits of the three free trade agreements under consideration, it is important that we be mindful of the comprehensive approach this country takes to trade. Accordingly, I signed a letter with 40 of my Senate colleagues supporting the President's decision to insist on a Trade Adjustment Assistance (TAA) agreement before submitting the implementing legislation for all three agreements. I believe it is critical that we strengthen the safety net for the middle class by extending the TAA agreement, protecting the workers who lose their jobs and financial security as a result of globalization, and ensuring that those workers have an opportunity to transition to new jobs and emerging sectors of the economy.  

"The time to act is now, and I am encouraged by the steps Panama has taken to address tax transparency issues. These actions demonstrate the commitment to greater partnership that will allow both our countries to benefit from enacting this trade promotion agreement. I look forward to working my colleagues to advance this important measure."  

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