FTA opens Canadian market for Panamanian products

The Panamanian government said Wednesday that the free trade agreement (FTA) with Canada will open a new market of high purchasing power for Panamanian products.

It increases Panamanian goods and services exports to a market of more than 30 million consumers, Commerce and Industry Minister Roberto Henriquez said in a statement.

Trade with Canada will help diversify Panamanian export markets, so Panama is specially willing to see the enforcement of the FTA in both countries as soon as possible, said Henriquez.

Panama's Council of Ministers approved the FTA and parallel agreements on labor and environment cooperation on Tuesday, which have to be ratified by the Congress.

Panama and Canada signed the FTA agreement on May 14, with the aim to eliminate tariffs on industrial, maritime, agriculture-livestock and forest products.

Bilateral trade in 2009 was about 60 million U.S. dollars, including 9.5 million U.S. dollars for Panamanian exports and 49.8 million dollars for Canadian exports.
(Source:xinhua)