The leaders of Panama and Canada have agreed on a bilateral free trade pact that could begin as early as 2010.Panamanian President Ricardo Martinelli and Prime Minister Stephen Harper announced the agreement during Harper’s visit to Panama City. "The FTA between Panama and Canada represents a large exchange possibility for our export products, for the goods we produce and the services we give," Martinelli said while Harper added that the deal would lead to “a future of prosperity” for Panama and Canada.
The pact would still need to be ratified by the respective legislatures in both countries; the Canadian Parliament has been agreeable with most free trade gestures to the Americas though human rights concerns tied up a prospective deal with Colombia. Yet while concerns over possible job losses and Panama as a tax haven has delayed ratification of a U.S.-Panama deal, it seems like Canadian legislators may be lured by a strong economy:
With Panama's economy red hot — it grew 9.2 per cent in 2008 — the country is a lucrative market for Canadian goods and services.Image- Global News
Panama's economic boom stems largely from banking, shipping and services related to the transport sector. The expansion of the Panama Canal is a key element of the economic growth forecast for the country over the coming years.
Online Sources- CBC, Americas Society, Xinhua, etainwannews.com, USA TODAY
Lucrative market indeed, I see Panama as a huge opportunity for our investors. Nice decision on both sides to reach a free trade deal, I'm very proud of both countries for that. Thanks for the article,
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