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Statement from Acting U.S. Commerce Secretary Rebecca Blank on Implementation of U.S.-Panama Trade Promotion Agreement

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Monday, October 22, 2012

Acting U.S. Commerce Secretary Rebecca Blank today applauded the announcement that the U.S.-Panama Trade Promotion Agreement will go into effect on October 31. The agreement will significantly increase the ability of American companies to export their products to one of Latin America’s fastest-growing economies, while dramatically reducing the tariff rates across the range of U.S. industrial and agricultural goods.

“New U.S. trade agreements mean more export opportunities for American companies–and more American jobs. The U.S.-Panama Trade Promotion Agreement goes into effect next week, and will eliminate the majority of tariffs that U.S. exporters currently face. The agreement guarantees expanded access for U.S. manufactured and agricultural products, as well as to Panama’s $22 billion services market, including in priority areas such as telecommunications, computer, distribution, express delivery, energy, environmental, and professional services. The Commerce Department and the Obama administration stand ready to assist U.S. companies take full advantage of the new opportunities this trade agreement presents.”

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