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Panama: Country Insights
Panama has historically served as the crossroads of trade for the Americas. Its strategic location as a bridge between two oceans and the meeting of two continents has made Panama not only a maritime and air transport hub, but also an international trading, banking, and services center. Panama’s global and regional prominence is being enhanced by trade liberalization and privatization and it is participating actively in the hemispheric movement toward free trade agreements. Panama's dollar-based economy offers low inflation in comparison with neighboring countries and zero foreign exchange risk. Its government is stable and democratic and actively seeks foreign investment in all sectors, especially services, tourism and retirement properties.
On October 31, 2012 the U.S. Government and Government of Panama announced that the U.S. – Panama Trade Promotion Agreement (often referred to as the Free Trade Agreement, or FTA) – went into effect. If you are interested in or are already exporting U.S.–made goods to Panama, the FTA is big news! And here is why:
Tariffs have dropped to 0% for 87% of U.S. Exports to Panama.Panama’s tariffs are already relatively low – an average of 7% for industrial goods, around 15% for agricultural products regardless of where the products are made. But a 0% percent tariff is a competitive advantage for U.S.-made goods. And U.S. products and services are already very competitive, with some 30% market share of Panama’s imports.
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If you want to learn about global business, and believe your product or service can be sold abroad, your first stop should be an MBDA Business Center. Contact David Leister, Project Manager of the MBDA Global Business Center at email@example.com 210-458-2480.