Panama expects speedy U.S. ratification of trade deal

Panama was upbeat on the news that the U.S. Congress could soon ratify the Trade Promotion Agreement (TPA) between the two countries.


"The ratification of the TPA will be an outstanding achievement of the foreign policy from the administration of President Ricardo Martinelli, which will mean an important milestone of his international trade integration agenda," said a statement issued by Trade and Industries Ministry on Monday.


The last obstacle for the TPA ratification was removed when Panama's National Assembly of Deputies recently approved the Fiscal Information Exchange Agreement, something seen as vital for the U.S. Congress to approve the deal.


The ministry said with the ratification, the two-way trade relations would be consolidated, while investments, and flows of goods and services between the two nations will be benefited as well.


The TPA was signed in 2007 and Panama' s Deputy National Assembly ratified it in the same year, pending a final ratification by the U.S. Congress.
(Source:http://news.xinhuanet.com)