U.S.-Panama Free Trade Agreement Effective from Oct 31

 
Reportedly, U.S.-Panama Free Trade Agreement (FTA) has taken effect on October 31, 2012; according to the FTA, Panamanian zero duty should be applied immediately to 86% of U.S. industrial goods and half of U.S. agricultural products, with the duties on the other agricultural products to be removed within 15 years.

Panama is one of the fastest-growing economies in Latin America, with annual rates expected to be 5%-8% till 2017; in 2011, U.S. exports there totaled USD 8.2 billion.