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Obama has said it: “FTAs will be a priority” | Business Panama blog

Obama has said it: “FTAs will be a priority”

May 26th, 2009 by admin

One of the many subjects that have been dwelling in the air for quite some time now, even before the crisis even started, was the FTA with the United States. The Bush Administration appeared to be the ones to cement such an agreement but in the long run it proved fruitless.

The administration of President Barack Obama said yesterday that it will devote “every minute” necessary to achieve the adoption by Congress of free trade agreements with Panama and Colombia; an apparent change of position lukewarm by such agreements demonstrated by Obama in his election campaign.

Ron Kirk, head of the U.S. trade representative (USTR) and responsible for international negotiations, could not, however, clearly indicate a date for the adoption of two treaties.

In his first public speech to talk about foreign trade policy, Kirk could not even say whether they would be ready in a year. But the good news is that now the wheels are turning and they have a team capable of producing such results.

Many question the inability to finally close this chapter, but objections to the treaty with Panama relate to employment rights and taxation. Now that those issues are being addressed, the process will run much smoother.

Posted in Panama Business

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The Panama Insider Blog is a new effort of the Business Panama Team to provide you original articles and information about Panama real estate, business, investment, legal, tourism and living in Panama.