FOR IMMEDIATE RELEASE Thursday, February 15, 2007

CONTACT OFFICE OF PUBLIC AFFAIRS (202) 482-4883

U.S. Commerce Secretary Carlos M. Gutierrez Statement on Meeting with President of Panama Martin Torrijos

Washington - I am pleased to have met with President Torrijos today. I greatly appreciate President Torrijos’ leadership on building a strong, democratic and prosperous Panama. We had a good discussion on a range of commercial issues. We discussed the recently concluded U.S.-Panama Trade Promotion Agreement and Panama’s plans for the $5.25 billion expansion of the Panama Canal.

The United States and Panama have enjoyed long-standing, strong economic ties and a mutual commitment to deepening the trade relationship through a free trade agreement. We look forward to working with President Torrijos as we turn our attention toward Congressional consideration of the Panama TPA. This agreement is a comprehensive free trade pact that will enhance economic growth and prosperity for the people of the United States and Panama and is a key part of President Bush's global effort to open markets for American exporters around the world.

The Panama TPA will advance what is already a strong friendship with the people of Panama. It will also advance our common national security interests by fostering economic growth and strengthening democratic institutions. Panama is an important ally in the region. We are pleased to be able to advance our long-standing friendship and deepen our trading relations with Panama.

Last year, America exported $2.7 billion in goods to Panama, a 25 percent increase over 2005. With this agreement, over 88 percent of U.S. goods exports to Panama will become duty-free immediately, allowing American farmers, workers, and businesses to export even more. Along with our other regional agreements, the United States is working to promote open markets and growing prosperity throughout the Western Hemisphere.

I want to thank President Torrijos and the people of Panama for their friendship.