On October 31, 2012, U.S. Department of State reported that the U.S.-Panama Trade Promotion Agreement (TPA) entered into force.
Pursuant to the TPA, nearly half of all current trade will receive immediate duty-free treatment with most of the remaining tariffs eliminated within the next 15 years. Almost all U.S. exports of consumer and industrial products to Panama will now be duty-free with remaining tariffs phased out over ten years.
The agreement also preserves duty-free access for Panamanian goods previously granted under trade preference programs.
More information on the agreement can be found on the U.S. Trade Representative's website.