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ManuFACTS: U.S.-Panama Trade Promotion AgreementA Win-Win for
Panama Consumers and U.S. Manufacturers
1331 Pennsylvania Ave NW, Suite 600, Washington, DC 20004 P
2026373000 F 2026373182 www.nam.org
Panama offers U.S. manufacturers a growing opportunity for
exports
within a stable and expanding market. Panama has had one of the
fastestgrowth rates of any economy in Latin America over the last
four years,
and its GDP has nearly doubled since 2000, according to the
International
Monetary Fund (IMF).
Small and medium-sized manufacturers will strongly benefit from
the
U.S.-Panama agreement: over 7,250 small and medium-sized
companies
export manufactured goods to Panama, representing 85 percent of
total
U.S. exporters.
Manufactured goods are the vast majority of U.S. exports to
Panama. In
2010, the U.S. exported $5.6 billion worth of manufactured goods
to
Panamaa 66-percent increase over 2007. Manufactured goods make
upover 90 percent of total U.S. merchandise exports to Panama.
Last year, we had a $5.5 billion trade surplus in manufactured
goods with
Panamaour eighth-largest among all trade partners.
How Congress Can Help
This trade agreement is a deficit-neutral, job-creating economic
stimulus package. This preferential trade
agreement will increase U.S. manufacturing exports to Panama.
The Obama Administration needs to sendthis trade agreement to
Congress for approval as quickly as possible, and Congress should
act immediatelyto pass the implementing legislation.
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Bottom LineThe U.S.-Panama trade agreement offers real
advantages to
the manufacturing sector:
Due to preferences programs, over 90 percent of Panamas
exports to the U.S. enter our market duty-freethey face no
tariffs on their goods.
U.S. manufactured goods face an average tariff of 8 percent
in Panama. This agreement will lower these tariffs to zero,
in
most cases immediately.
Over 90 percent of Panamas exports to the United Statesare
returned goods, fish and other agricultural products.
American manufacturing will not be impacted by Panamas
exports.
Failure to pass the agreement could cause the U.S. to loseour
strong presence as a market leaderother countries
such as Canada and the European Union are entering into
trade agreements with Panama. Chinese manufacturers are
increasingly competing in our market share as well. To keep
our
exports strong, we need the U.S.-Panama trade agreement.
More Information
Web:www.nam.org/trade
E-mail:[email protected]
April 2011
http://www.nam.org/tradehttp://www.nam.org/trademailto:[email protected]:[email protected]://www.nam.org/trademailto:[email protected]
