Minister Van Loan Signs Canada-Panama Free Trade Agreement

(Minister of International Trade)

The Honourable Peter Van Loan, Minister of International Trade, and Panama’s Minister of Commerce and Industry, Roberto Henríquez, today [May 14] signed the Canada-Panama Free Trade Agreement and parallel agreements on labour cooperation and the environment. The Right Honourable Stephen Harper, Prime Minister of Canada, witnessed the signing ceremony.

“Panama is a dynamic, innovative economy,” said Minister Van Loan. “Our government’s aggressive free trade agenda is opening new markets within the Americas, creating opportunities for Canadian businesses and workers and, as we recover from the global economic downturn, securing future prosperity for Canadians and our trading partners.”

“Today’s historic signing marks a new era in relations with a key partner and much-valued friend in the Americas,” said the Honourable Peter Kent, Minister of State of Foreign Affairs (Americas). “Our government is working with like-minded countries such as Panama to secure a brighter, more prosperous future for our hemisphere.”

The Canada-Panama Free Trade Agreement will lower tariffs on goods and remove other trade barriers to benefit a broad range of sectors, creating new opportunities for the Canadian construction, manufacturing and agriculture industries.

The Free Trade Agreement will also expand market access for Canadian service providers in areas such as information and communication technology, and engineering, environmental, energy and financial services. Investment provisions in the Free Trade Agreement provide greater protection for Canadian investments in Panama and will ensure greater transparency and security for Canadian investors. In addition, the Agreement will secure access to the government procurement market, including for the $5.4-billion expansion of the Panama Canal and other infrastructure projects.

Read the complete press release here.