The Canada-Panama Free Trade Agreement was signed by the Canadian Minister of International Trade, Peter Van Loan and Panamanian Minister of Commerce and Industry, Roberto Henríquez at a ceremony on May 14.
Witnessing the agreement's signature, Canadian Prime Minister Stephen Harper, said: “During my visit to Panama in August of last year, I had the pleasure of marking the conclusion of negotiations on this historic free trade deal with Panama’s President Ricardo Martinelli. This agreement is another step towards building stronger ties with our partners in the Americas as we work together to generate more jobs and greater prosperity in Canada and in the hemisphere.”
Once implemented, the Canada-Panama Free Trade Agreement will reduce tariffs on goods and remove other trade barriers. There will be benefits across a broad range of sectors, including for the Canadian construction, manufacturing and agriculture industries. Last year Canadian merchandise exports to Panama totalled CAD91.4m (USD85m), a 52% increase since 2005.
The agreement will need the approval of the legislative bodies of both countries before it can enter into force.
.Tags: tax | law | trade | business | tariffs | free trade agreement (FTA) | Canada | Panama | Panama | Canada
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