Last weekend, U.S. President Barrack Obama, Panamanian President, Martin Torrijos, and Colombian President, Alvaro Uribe, attended the Summit of the Americas in Trinidad and Tobago. Among the topics at the summit were free trade deals with Panama and Colombia.
Currently, free-trade deals (FTAs) between the countries have been stalled in Congress. The U.S. Trade Representative, Ron Kirk, a former Dallas mayor, has stated that the U.S. is “working in good faith” to finalize these deals, and claimed that the weekend was “a very productive summit for the U.S.”.
The summit also addressed NAFTA, the North American Free Trade Agreement, as Obama has blamed loss of jobs on the current NAFTA agreement between the U.S., Canada and Mexico. The U.S. is “seeking opportunities to strengthen” its trade relationships with other countries, including long-term Free Trade Agreements with both Panama and Colombia.
The proposed FTA with Panama is of particular importance, as the Panamanian presidential election will take place in May. Trade Rep Kirk claims that the election “may provide a window to move more forcefully”. Panamanian officials want the FTA approved before the new president comes into office.
A delegate from Panama will visit Washington D.C. this week to resolve disputes over the US-Panama trade deal. Among the issues to be addressed are labor laws and tax laws. The U.S. will address concerns including internationally recognized worker rights and discussions about Panama as a tax haven.
An FTA with the U.S. would further enhance the growth and development in Panama. Interested in investing, moving to, or retiring in Panama? Visit Panama-Land-for-Sale.com for more information about our properties, land, condos, and businesses for sale in Panama, Boquete, and Portobelo. Click here for more information.
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