U.S.-Panama Trade Promotion Agreement Takes Effect Today

October 31, 2012 09:33 AM
 

Acting U.S. Commerce Secretary Rebecca Blank released a statement on Monday in praise of the U.S.-Panama Trade Promotion Agreement (TPA) which goes into effect today. The agreement will encourage trade between the two nations, allowing goods to move more freely between one of Latin America's fastest growing economies and the U.S.

"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 (October 31), 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," remarked Blank.

Over 87 percent of U.S. exports of minerals and fuel to Panama will receive duty-free treatment immediately upon implementation of the U.S.-Panama Trade Promotion Agreement with the remaining 13 percent to follow in five years. Between 2008 and 2010, the U.S. spent over $15 million in duties paid on exports of U.S. minerals and fuel to Panama which accounted for 8.8 percent of total exports to Panama during that period.

The agreement will encourage domestic production, reduce the cost of exports to Panama and add up to a $96 million savings for the U.S. annually.

The U.S. Dept of Commerce International Trade Administration offers a clear overview of the particulars. Click here for the Trade Administration's overview.


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Comments

 
Spell Check

Anonymous
10/31/2012 05:27 PM
 

  Hello and Good Day, I write to you to warn you about the incompetence within the Office of the Defense of the Treaty of the Republic of Panama. This is the office in Panama that is to be the main force in the implementation of the TPA. With a one sided investigation preformed by Alexis Pineda of MICI of Panama, Alexis Pineda issued a Resolution stating that our legal investment in Panama was not covered under the jurisdiction of the Bilateral Investment Treaty in which the TPA is based on. This MICI of Panama Resolution is allowing the continuing illegal expropriation of the investment of US National Investors. And because of this actions and the outright lies told to us by MICI Attorney J. Vasquez, Alexis Pineda, and others we have given our Consent to International Arbitration therefore Perfecting Consent to Arbitrate. The US Nationals, James Falgout, Barbara Falgout, and Clarence Johnson of Retire In Chiriqui S.A. are covered under the BIT and well within the jurisdiction of Article I of and the 2000 Protocol amending Article VII of the Bilateral Investment Treaty between Panama and the USA. Article I of the BIT (d) "investment" means every kind of investment, owned or controlled directly or indirectly the proof of ownership and control from the Public Registry of Panama from the year 2005 till present of the investment property holding of Barbara Falgout and the the US National Investors James Falgout, Barbara Falgout, Clarence Johnson, and their local company of RIC, S.A are within the jurisdiction of the BIT. 2000 PROTOCOL AMENDING INVESTMENT TREATY WITH PANAMA amending Article VII(5) of the 1982 Treaty (BIT) by replacing that paragraph with the text set forth in Article I(2) of the Protocol. Amended Article VII(5) provides that, for the purposes of Article 25(2)(b) of the ICSID convention and Article VII of the 1982 Treaty, the nationality of a company in the host country will be determined by ownership or control, rather than by place of incorporation. This provision allows a company that is an investment covered by the 1982 Treaty to bring a claim in its own name. Be advise that this is a very incompetent office and this office has no idea about the Bilateral Investment Treaty nor that of investor rights within the BIT or TPA. Please advise any investor of the pitfalls of investing in Panama and do not expect the support of the Bilateral Investment Treaty or that of the TPA being enforced by Panama. If you wish I can provide supporting material via email which includes letters from our International Law Firms which MICI Alexis Pineda ignored which is a violation of the BIT Argeed Minutes, Section 1, subsection j (j) access to courts of justice, administrative tribunals and agencies, and the right of employment of persons by nationals or companies of the other Party, who otherwise qualify under applicable laws and regulations of the forum, regardless of nationality, for the purpose of asserting claims and enforcing rights, including those arising under the provisions of this Treaty, with respect to their investment and associated activities. I thank you for your time, James Falgout

 
 

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