Panama, Canada sign FTA deal
Xinhua 2009-08-12
Panama, Canada sign FTA deal
PANAMA CITY, Aug. 11 (Xinhua) — Panama and Canada on Tuesday signed a free trade agreement (FTA) after the conclusion of bilateral trade talks.
The deal was signed by Panamanian President Ricardo Martinelli and visiting Canadian Prime Minister Stephen Harper.
"The FTA between Panama and Canada represents a good opportunity to export our products, the goods we produce and the services we give," Martinelli said after signing the agreement.
"We have achieved an agreement of great trade possibilities with fair benefits for both countries," the president added.
Harper, who is paying the first official visit to a Central American country, said this is a historical agreement achieved in the middle of a global recession.
"There are times when we must face together the great changes produced by the global recession," Harper said, adding that the agreement could become a role model for other nations, a proof of friendship and determination to assure a brilliant future for the two peoples.
Under the agreement, Panama’s fresh and processed maritime products, representing 30 percent of its exports to Canada, will have better access to the Canadian market.
The deal will also strengthen bilateral cooperation between private and state-owned companies, universities and institutes and promote
Panama as a logistic center for Canadian companies.
The FTA still needs parliamentary approval in both nations to take effect.
The Panama deal was Canada’s eighth such agreement since Harper took office in early 2006.
In May, Canada and the European Union signed a deal to open talks on a comprehensive trade agreement.
