Washington, D.C. - U.S. Congressman Kevin Brady (R-The Woodlands) today attended the signing of the U.S.-Panama Trade Promotion Agreement, held at the Organization of American States.  

U.S. Trade Representative Susan Schwab and Panamanian Minister of Commerce and Industry Alejandro Ferrer signed the new pact, which opens up trade between the United States and Panama, providing Texas businesses, farmers and ranchers significant opportunities for new sales and investment.   The U.S. Congress and Panama’s legislature must approve the agreement before it can go into effect.

“The trade promotion agreement we signed today with Panama is a win-win opportunity,” said Congressman Brady.   “It supports economic growth in both our countries and helps promote regional stability and security in our own backyard.  

“While our market is already generally open to Panama, this agreement makes that relationship a two-way street.  Once implemented, Panama will remove nearly 90 percent of tariffs on U.S. exports, starting on day one. 

“Lower tariffs mean better access to customers in Panama, which allows Texas companies to sell more goods and services, such as construction equipment, medical devices, autos and auto parts, chemicals, and wood and paper products.  And the more customers Texas businesses have access to overseas, the more good-paying jobs we can support at home.  Already, half a million manufacturing jobs are supported by exports in Texas.

“Panama offers great opportunities for us to partner on services, too.  Like the United States, where 80 percent of our workers are employed in the services sector, whether that’s financial, transportation, tourism, or express delivery, Panama has a dynamic services-based economy.  This agreement provides us a unique opportunity to partner with another like-minded market to expand sales and investment.

“And 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.

“Trade agreements are key to retaining America’s position as the world’s most competitive economy, and I look forward to working with my colleagues in Congress to approve the Panama agreement quickly.

“But our work shouldn’t stop there.  Congress must also extend Trade Promotion Authority, which expires in just two days, so that the United States may continue to pursue market-opening agreements like the one with Panama that create new customers for U.S. businesses, farmers and ranchers, secure good-paying American jobs, and help lower everyday costs for American families.”

Congressman Brady is a Member of the Trade sub-Committee of the House Ways and Means Committee and the Joint Economic Committee.  One of the top leaders on trade issues in Congress, he successfully led a three-year long fight for approval of the Dominican Republican-Central American Free Trade Agreement.