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US, Panama FTA goes into effect

11-01-2012 07:26 BJT

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A US free trade agreement with Panama has gone into effect, a year after it was approved by the US congress.

The agreement maintains Panama’s duty-free access to the US market, while removing most of the Central American nation’s tariffs on US exports.

Currently, about 10 percent of US imports and exports pass through the Panama Canal. But that figure is likely to rise as Panama completes a 5.3 billion dollar canal expansion project.

The US Congress approved the pact last year after President Obama’s administration reached agreements over Panama’s labour protection and tax haven laws.

 

Editor:Zhang Rui |Source: CCTV.com

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