Wednesday, October 31, 2012

A Treat for Texas Agriculture on Oct. 31

After five long years of working to finalize three major free trade agreements (FTA), the U.S.-Panama Trade Promotion Agreement will finally take effect Oct. 31. This latest round of good news follows similar agreements with South Korea and Colombia, which took effect this spring. 

As Panama’s economy continues to grow, Texas producers of beef, poultry, cotton, corn, sorghum and dairy will enjoy new and better business as tariffs are eliminated and trade barriers are removed. As one example, Panama will immediately eliminate its 30-percent duty on prime and choice cuts of U.S. beef with other tariffs on beef being phased out over 15 years. 

A strategically important ally in Latin America, Panama has imported an average of $1.3 billion in goods from Texas between 2008 and 2010, according to the International Trade Administration. 

With the global marketplace becoming increasingly robust each day, it’s important that Texas and the United States continue to seek opportunities for our agriculture commodities and other goods and services. This new agreement with Panama is another step in the right direction. 

For more information, go here.

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