Panama's President Laurentino Cortizo said on Tuesday that the government will ask the United States to review the bilateral trade promotion agreement (TPC), which has been in force since 2012, because it harms various sectors of the economy.
“I hope that we can sit face to face as partners and find solutions for countries that have shown us allies in the region,” Cortizo said at a public event. “We will ask the US government to “modify” the TPC, he added.
According to the President of Panama, his government will send an official letter to the US Department of Agriculture.
Cortizo said he would ask “Panama's most important partners” to review chapters on “highly sensitive products for social peace,” such as rice, dairy products, beef, pork and poultry.
The TPC was signed in 2007, but it did not take effect until 2012. The government is concerned that Panamanian farmers and ranchers will be harmed by excessive income from the United States.
Several Panama Producer Associations have also called for revision of trade agreements to avoid social outbursts.
The Minister of Agriculture Development, Augusto Valderrama, said: “I want to make a call so that American products do not affect these producers during the difficult times that humanity and our country are going through.”
Last Thursday, Stuart Tuttle (Chargé d'Affaires), acting at the U.S. Embassy in Panama, announced that he would not renegotiate the treaty because it “benefits everyone.”
As one of the main political and commercial partners of Central American countries, the United States is the largest user of the Panama Canal and accounts for 75% of the total load in the last fiscal year.
In 2021, the trade balance between the two countries was over $2.8 billion due to the surplus of Americans. According to figures from the National Institute of Statistics and Census (Inec), Panama exported only an amount equivalent to $134 million in 2021 to the United States.
The two countries share security programs in the fight against drug trafficking, organized crime, money laundering, and illegal migration.
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