Us Free Trade Agreements Panama

The United States has a long history of negotiating free trade agreements with other countries around the world. One such agreement is the US-Panama Free Trade Agreement, which was signed in 2007 and went into effect in 2012.

The purpose of the agreement is to increase trade and investment between the US and Panama by reducing or eliminating barriers to trade in goods and services. The agreement covers a wide range of trade topics, including tariffs, intellectual property rights, customs procedures, and labor and environmental standards.

One of the key benefits of the US-Panama Free Trade Agreement is increased access to the Panama Canal. The canal is a vital shipping route for goods between the Atlantic and Pacific Oceans, and the agreement allows US companies to have greater access to the Canal and the ports on both coasts of Panama.

The agreement also provides opportunities for US businesses to invest in Panama and vice versa. This can lead to increased job opportunities and economic growth for both countries.

Critics of the agreement argue that it has led to the outsourcing of US jobs to Panama and other countries with lower labor standards. They also argue that it has led to environmental degradation in Panama and other countries due to increased trade and investment.

However, supporters of the agreement argue that it has led to increased economic growth and job opportunities for both countries. They also argue that the agreement includes strong labor and environmental standards to protect workers and the environment.

Overall, the US-Panama Free Trade Agreement is an important trade agreement that has led to increased trade and investment between the US and Panama. While there are criticisms of the agreement, its benefits to both countries should not be overlooked.