{"id":5174,"date":"2012-06-19T09:59:03","date_gmt":"2012-06-19T14:59:03","guid":{"rendered":"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/?p=5174"},"modified":"2012-06-19T09:59:03","modified_gmt":"2012-06-19T14:59:03","slug":"panama-and-the-united-states-soon-to-be-free-trade-partners","status":"publish","type":"post","link":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/panama-and-the-united-states-soon-to-be-free-trade-partners\/","title":{"rendered":"Panama and the United States Soon to Be Free-Trade Partners"},"content":{"rendered":"<p><a href=\"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2012\/06\/free-trade-300x297.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-5175\" title=\"free-trade-300x297\" src=\"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2012\/06\/free-trade-300x297.jpg\" alt=\"\" width=\"225\" height=\"223\" srcset=\"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2012\/06\/free-trade-300x297.jpg 225w, https:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2012\/06\/free-trade-300x297-150x150.jpg 150w\" sizes=\"auto, (max-width: 225px) 100vw, 225px\" \/><\/a><\/p>\n<p>Well it looks like we will finally see the elimination of duty on importing most goods from the US to Panama.\u00a0 An article in the portal California ApparelNews.net, highlights the  current growth of Panama&#8217;s economy and discusses the importance of the  start date of this trade agreement which will eliminate tariffs on 87%  of U.S. exports to Panama .<\/p>\n<p>Standing out in particular are the growth of clothing and textiles  exports from the U.S. to Panama, which in 2008 totaled $37.5 million,  going up to $63.4 million in 2011.<\/p>\n<div id=\"article_body\">\n<p>The long-awaited free-trade agreement between  the United States and Panama should go into effect sometime in October,  according to government sources.<\/p>\n<p>At a recent meeting at the  Apparel Sourcing Show in Guatemala City, the assistant U.S. trade  representative for textiles, Gail Strickler, noted that everyone in  Washington, D.C., anticipated the trade pact to be up and running in  October.<\/p>\n<p>The trade accord was signed into law by Congress last  Oct. 21, but certain tax transparency issues in Panama had to be  resolved. Panama has also changed a number of regulatory barriers to  trade in agricultural goods.<\/p>\n<p>Panama\u2019s economy has been  particularly robust in recent years, especially with the $5.25 billion  expansion of the Panama Canal, which should be completed during the  latter half of 2014.<\/p>\n<p>Panama has one of the region\u2019s  fastestgrowing economies, with an estimated 7.4 percent rise of the  country\u2019s gross domestic product in 2011.<\/p>\n<p>Over 87 percent of U.S.  exports of consumer and industrial products to Panama will become  duty-free immediately. Currently, the average tariff on goods going into  Panama is 7 percent.<\/p>\n<p>The leading U.S. exports to Panama include  refined petroleum products (41 percent), general machinery (9 percent),  electrical machinery (7 percent) and aircraft (7 percent).<\/p>\n<p>The  main Panamanian exports to the United States include seafood (23  percent), gold (6 percent), fruit (5 percent) and sugar (5 percent).<\/p>\n<p>U.S.  exports of apparel and textiles to Panama have risen rapidly. In 2011,  the United States exported $63.4 million in apparel and textiles to the  Central American nation, compared with $37.5 million in 2008.<\/p>\n<p>Top  U.S. textile and apparel exports to Panama include fabric; men\u2019s and  boys\u2019 suits, trousers and shorts; women\u2019s and girls\u2019 slacks, shorts,  pants and dresses; accessories; infant wear; undergarments; floor  coverings; curtains and drapes; and bedroom furnishings.<\/p>\n<p>Tariffs  on U.S. apparel and textile products into Panama average 6.7 percent but  will be mostly duty-free for goods made from regional yarns.<\/p>\n<p>The  United States imported $1.83 billion in apparel and textiles from  Panama in 2011, but much of that entered duty-free because of Panama\u2019s  membership in the Caribbean Basin Trade Partnership Act, which expires  in 2020. \u2014Deborah Belgum<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Well it looks like we will finally see the elimination of duty on importing most goods from the<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-5174","post","type-post","status-publish","format-standard","hentry","category-news-articles-panama-perpsective"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Panama and the United States Soon to Be Free-Trade Partners - Blog and Newsletter<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/panama-and-the-united-states-soon-to-be-free-trade-partners\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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