Our trade troubles are over! On October 31, the Panama trade agreement will be implemented. And Panama is growing really fast… says USTR Ron Kirk! So we’re going to sell so much stuff there. And services too.
From a USTR press release:
October 22 – Today, United States Trade Representative Ron Kirk and Ricardo Quijano, Minister of Commerce and Industry of the Government of Panama, exchanged letters in which they determined that the United States-Panama Trade Promotion Agreement (Agreement) will enter into force on October 31, 2012. This announcement follows completion of a thorough review by the United States and Panama of their respective laws and regulations related to the implementation of the Agreement.
Ambassador Kirk welcomed the decision to have the Agreement enter into force on October 31. “Under this comprehensive Agreement, Panama will eliminate tariffs and other barriers to U.S. exports, which will promote economic growth, and expand trade between our two countries. This Agreement also provides U.S. firms and workers improved access to customers in Panama’s $22 billion services market, including in areas such as financial, telecommunications, computer, express delivery, energy, environmental, and professional services,” he said. “Panama is one of the fastest growing economies in Latin America, expanding 10.6 percent in 2011, with forecasts of between five to eight percent annual growth through 2017. That adds up to support for more well-paying jobs across the United States,” said Ambassador Kirk. “The increased access to this expanding market is backed by the Agreement’s strong enforcement provisions.
Hmm. The services market. That’s going to save us. Well maybe not. As you can see below, the “service economy” math does not work.
By the way, Panama’s GDP is 2/10’s of 1 percent of U.S. GDP.