The U.S.-Panama Trade Promotion Agreement (TPA) Congress passed last to last October will enter into force Oct. 31. USDA Ag Secretary Tom Vilsack says this will have the effect of "eliminating tariffs and other barriers to U.S. goods and services, promoting economic growth, and enhancing trade between the United States and Panama."
In 2011, the U.S. exported more than $504 million of ag products to Panama. This is expected to increase when next week nearly half of the current U.S. farm exports to Panama will become duty free immediately. Most of the remaining tariffs will be eliminated within 15 years.
This agreement along with trade agreements with South Korea and Columbia are expected to bring an additional $2.2 billion in ag exports.
For more details on this agreement, click here.