|
Washington, D.C. - Congressman Kevin Brady (R-The Woodlands) applauds U.S. Trade Representative Susan Schwab and her team for bringing to a close today long-standing trade negotiations with Panama.
"The trade promotion agreement just concluded between the United States and Panama is a win-win opportunity. It supports economic growth in both our countries and helps promote regional stability and security in our own backyard.
"In Texas, I see first hand every day just how much trade, particularly with those in our hemisphere, benefits our economy, our communities, our nation and those of our partners. It is our livelihood. Billions of dollars in cargo move through Texas ports each year from Latin America - economic activity that supports hundreds of thousands of jobs in Texas alone.
"While our market is already generally open to Panama, this agreement makes that relationship a two-way street. Once approved by Congress and implemented, Panama will remove nearly 90 percent of tariffs on U.S. exports, starting on day one. This will help our manufacturers and small business owners sell more of their products to our neighbor - including those that make construction equipment, medical devices, autos and auto parts, chemicals, and wood and paper products - all of which are shipped through Texas ports.
"For our farmers and ranchers, Panama will eliminate tariffs on over half of all current exports immediately, including for certain beef, poultry, soybeans, fruits and nuts. Pork, dairy, corn, and rice growers and producers will also benefit - especially as Panama has agreed to recognize U.S. food safety standards.
"And this agreement will allow Texas service providers, such as financial services, express mail delivery, and mutual and pension fund providers, to sell more of their services in Panama.
"Trade promotion agreements are key to America's future, and I commend Ambassador Schwab and her team over at USTR for their diligence in seeing this important agreement with a friend and a neighbor draw to a close.
"I now look forward to working with my colleagues in Congress on the approval process so that Americans and Panamanians alike can begin to enjoy the benefits of open and fair trade." |
