The US Panama Trade Promotion Agreement took effect this month, reducing or eliminating tariffs on nearly 90 percent of US products entering that Central American nation. As a result, duties will be lifted on nearly half the US food and agricultural products sold to Panama.
“Panama is an important market for America’s farmers and ranchers,” says Agriculture Secretary Tom Vilsack. “In 2011, the United States exported more than $504 million of agricultural products to Panama.
Earlier this year, similar trade deals with Colombia and South Korea took effect. Vilsack says that combined, the three trade deals should increase US agricultural exports by $2.2 billion.