Agreement Facts

Agreement Facts

Benefits for Financial Services: The Financial Services Chapter of this agreement provides U.S. financial services companies with full access to the Panamanian market – by supplementing and changing the rules of the investment and services agreement, without compromising the right of U.S. financial supervisors to take steps to ensure the integrity and stability of financial markets or to weather a financial crisis. It is important that Panama commits to treating U.S. financial institutions in a manner comparable to its competitors in the Panamanian market. Obligations to protect workers` rights and the environment: the agreement obliges both sides to take back and maintain in their laws the five fundamental labour rights contained in the 1998 ILO Declaration on Fundamental Principles and Workplace Rights. Both parties are also obliged – and should not repeal – to effectively enforce labour legislation with regard to fundamental labour rights. Both parties also commit to effectively enforcing their national environmental legislation and to enacting, maintaining and implementing laws, regulations and other measures required under the multilateral environmental agreements covered. All labour and environmental obligations are subject to the same dispute resolution procedures and enforcement mechanisms as the trade obligations of the agreement. New opportunities for agriculture: This agreement opens up new opportunities for farmers, farmers, workers and food processors who wish to export to Panama, one of Latin America`s fastest growing economies. This comprehensive agreement will eliminate tariffs and other barriers to U.S. exports, stimulate economic growth and expand trade between our two countries. One of President Trump`s main goals in the renegotiation is to ensure that the agreement benefits American workers.

The United States, Mexico and Canada have approved a laboratory chapter that brings work obligations to the heart of the agreement, makes them fully applicable and is the strongest provisions of any trade agreement.