U.S. Ratifies FTA with Panama

Both houses of the U.S. Congress ratified the Treaty of Trade Promotion with Panama and other countries.

Thursday, October 13, 2011

A press release from the Presidency of the Republic of Panama reads:

Panama’s growing economy growth saw years of effort pay off, especially under the current government administration, after both houses of the U.S. Congress ratified the Trade Promotion Agreement (TPA) with Panama and other countries.

The president of Panama, Ricardo Martinelli considered this development a major achievement for all Panamanians, and a reason to celebrate, as the agreement had been signed years ago and was "was finally ratified by the U.S. Congress."

"This is an achievement for all Panamanians and, it should be noted, for the administrations that preceded us. Panamanians should prepare to enjoy the benefits of this treaty which will soon come into force", said the President who recalled that the government has been focussing on encouraging various national sectors to reach the required competitive level.

The first vote was held in the lower chamber, where the TPA with Panama won the most votes (300 votes in favor and 129 against), followed by the trade agreement with Colombia (262-167) and South Korea (278-151 ).

Subsequently, the Senate voted 77 for and 22 against, thus ratifying the TPA with Panama, which constitutes a historic step in strengthening commercial ties between these nations and which will impact on the regional economy.

Following the votes, the trade agreements are now ready to be signed by the U.S. President Barack Obama.

The trade pact is a key part of the economic program developed by Martinelli administration, which seeks to increase foreign investment and trade between Panama and the United States, doubling exports to the U.S. market and encouraging the establishment of new businesses that will generate more jobs.

¿Busca soluciones de inteligencia comercial para su empresa?



More on this topic

Panama – USA FTA Effective From October 31

October 2012

After Panama passed modifications to laws on patents, dispute resolution and intellectual property, representatives from both countries announced that on October 31 the treaty will come into force.

The free trade agreement, ratified by the U.S. Congress should have come into effect on October first, but the lack of adoption of some laws in Panama meant that the date was pushed back to 31 October.

Imminent Approval of Panama-USA FTA

October 2011

Along with free trade agreements with South Korea and Colombia, Panama’s agreement with the USA will be approved this evening in the U.S. Senate.

These trade agreements were negotiated and signed during the administration of President George Bush, but lacked, until now, the support needed for approval in Congress.

Real Progress for FTA Between U.S. and Panama

October 2011

The FTA jumped the first hurdle in the U.S. Congress, having been approved by the committee in the first round with 32 votes in favor and only 2 against.

The Committee on Ways and Means of the House of Representatives yesterday approved the U.S. Free Trade Agreements (FTAs) with Colombia, Panama and South Korea, with 24 votes in favor and 12 against in the case of the South American country, 31 against 5 in the case of the Asians, and 32-2 for the Central American country.

Panama - USA FTA Goes to Congress

October 2011

The U.S. President has sent the Free Trade Agreement negotiated in 2003 with Panama to Congress for ratification.

Along with the FTA with Panama Congress will also receive ratification requests for FTAs with Colombia and Korea.

Mario Jaramillo, Ambassador of Panama in Washington, inidcated that they have the necessary votes for approval in Congress and a vote is expected "very promptly."

ok