WASHINGTON, D.C.-United States Trade Representative Ron Kirk and Ricardo Quijano, minister of commerce and industry of the government of Panama, exchanged letters in which they determined that the United States-Panama Trade Promotion Agreement entered into force on Oct. 31. This announcement follows completion of a thorough review by the United States and Panama of their respective laws and regulations related to the implementation of the agreement.
After entry into force, Panama immediately reduced and eliminated tariffs on U.S. industrial goods, currently averaging 7 percent, with some tariffs as high as 81 percent. More than 86 percent of U.S. exports of consumer and industrial products to Panama became duty-free immediately, including information technology equipment, agricultural and construction equipment, aircraft and parts, medical and scientific equipment, environmental products, pharmaceuticals and fertilizers.
Additional information is available at www.ustr.gov/uspanamatpa.