A free trade pact between the U.S. and Panama will remove tariffs and trade barriers between the two countries and open up new opportunities for U.S. exporters.
Specifically, the agreement will aid U.S. firms who are interested in participating in the $5.25 billion expansion of the Panama Canal, noted U.S. Trade Representative Susan C. Schwab. New construction at the Canal will soon be underway and is expected to be complete in 2014.
Panama is predominantly a services-based economy, with services accounting for about 80 percent of economic activity. The Panama Canal is the focal point of Panama’s economy, with much of the country’s economic activity tied to the canal’s infrastructure and to the logistics and financing of international shipping.
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