April 1, 2014 – Ottawa, Ontario – Foreign Affairs, Trade and Development Canada
Canada-Panama Free Trade Agreement reflects Canada’s ambitious pro-trade plan to create jobs and provide Canadian exporters with a competitive edge
The Honourable Ed Fast, Minister of International Trade, today marked the first anniversary of the coming into force of the Canada-Panama Free Trade Agreement (FTA).
Panama is one of the fastest-growing markets in Latin America. On April 1, 2013, the Canada-Panama trade agreement eliminated tariffs on more than 90 percent of Canadian goods exported to Panama, directly benefiting Canadian exporters in a variety of sectors, including aerospace, pharmaceuticals, pulp and paper, and agriculture and agri-food.
Other elements covered by the Canada-Panama FTA include market access for goods, cross-border trade in services, telecommunications, investment, financial services and government procurement.
Since 2006, Canada has concluded free trade agreements with 10 countries, including the recent Canada-Korea Free Trade Agreement, Canada’s first free trade agreement in Asia. The year 2013 was a historic one for trade, with Canada reaching an agreement-in-principle with the European Union and launching the Global Markets Action Plan.
• Two-way bilateral merchandise trade between Canada and Panama reached $169.2 million in 2013, with Canadian exports comprising $96.1 million of this total.
• Top merchandise exports from Canada to Panama in 2013 were mechanical machinery, agriculture and agri-food, toys and games, and paper and paperboard. Top exports from Panama to Canada comprised gold and agri-food products.
• Panama is a priority market under the Global Markets Action Plan and Canada’s Strategy for Engagement in the Americas.
• Since Prime Minister Stephen Harper made the Americas a foreign policy priority for Canada in 2007, bilateral trade with the region has increased by more than 40 percent.
“Panama is one of the fastest-growing markets in the Americas and a strategic gateway to Latin America. The Canada-Panama Free Trade Agreement is a key part of our government’s pro-trade plan to open new markets and boost Canadian exports. When Canadian companies succeed abroad, all Canadians benefit from the jobs that are created here at home.”
Ed Fast, Minister of International Trade