Canada To Push For Implementation Of Panama FTA

Canada is to move quickly to reintroduce implementing legislation for its Free Trade Agreement (FTA) with Panama, a government minister has said.

Ed Fast, Minister of International Trade and Minister for the Asia-Pacific Gateway, made the announcement during a recent speech to the Panama-Canada Chamber of Commerce in Toronto.

Fast stressed the government's commitment to the ratification of the FTA, and stated his intention to reintroduce legislation during the autumn, thus pushing forward with the agreement's implementation.

He said, “We want Canadian exporters, investors and workers to start benefiting as soon as possible from the increased commercial opportunities this agreement will create.”

Fast added, “The free trade agreement will generate increased export and investment opportunities for Canadians by creating a preferential and more predictable business environment".

According to the Canadian government, the agreement will provide it with secure access to Panama's procurement market, including for the CAD5.4bn expansion of the Panama Canal and other infrastructure projects.

Government figures show that in 2010, bilateral trade between Canada and Panama reached CAD213.7m, up 62% on the previous year. Canadian exports to Panama increased by over 41%, and included aircraft, machinery, electrical and electronic equipment and agriculture products.

June 21, 2011

Source: tax-news