Vilsack Applauds U.S.-Panama Trade Promotion Agreement

By CnAgri2012-10-23 19:22:15 Print

Agriculture Secretary Tom Vilsack Monday applaued the U.S.-Panama Trade Promotion Agreement.

"The U.S.-Panama Trade Promotion Agreement (Panama TPA) enters into force next week, eliminating tariffs and other barriers to U.S. goods and services, promoting economic growth, and enhancing trade between the United States and Panama. Last year, President Obama insisted that we get this agreement with Panama right-alongside pacts with South Korea and Colombia-forging a better deal for America's workers and businesses that led to strong bipartisan support in both houses of Congress. Altogether, these agreements will bring an additional $2.2 billion in agricultural exports."

Vilsack calls Panama is an important market for America's farmers and ranchers. In 2011, the United States exported more than $504 million of agricultural products to Panama, one of the fastest growing economies in Latin America.

Next week, nearly half of current U.S. farm exports to Panama will become duty free immediately and most of the remaining tariffs will be eliminated within 15 years.