[Congressional Record Volume 153, Number 112 (Friday, July 13, 2007)]
[Extensions of Remarks]
[Page E1508]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                     THE TRADE PROMOTION AGREEMENT

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                          HON. EDOLPHUS TOWNS

                              of new york

                    in the house of representatives

                        Thursday, July 12, 2007

  Mr. TOWNS. Madam Speaker, on Friday, June 29th, 2007, the United 
States and the Republic of Panama signed the Trade Promotion Agreement, 
which is the result of the tireless negotiations between both the 
United States and Panama. After the agreement is signed, Congress will 
have an opportunity to comprehensively review it, an opportunity that I 
wholeheartedly welcome.
  This agreement will increase much needed access to medicines for 
developing countries, strengthen provisions in labor, environment and 
national security. This agreement also sees to it that significant cuts 
are made to trade barrier tariffs. Additionally, this bill seeks to 
improve on the growing commercial relationship between both countries 
on the growing Panamanian market which has a strong affinity for 
American goods, demonstrated by the 67 percent trade deficit Panama 
currently holds with the U.S.
  Small businesses stand to benefit from this agreement as well. The 
elimination of Panamanian tariffs on our goods will lower the 
transaction costs. This would create a mutually beneficial relationship 
between small business sellers in the United States and buyers in 
Panama.
  This agreement is about more than the commercial exchange of goods 
and services. I would like to note that our relationship with Panama is 
a long standing one since its independence from Colombia in 1903. We 
have an uncompromising commitment to providing opportunities for the 
people of Panama to work towards a better future while providing 
American businesses the opportunity to expand their market access in 
another country.
  I would be remiss if I did not mention the $5.25 billion expansion of 
the Panama Canal which will create additional unique opportunities. 
Three of the four contracts for this project have already been awarded 
to U.S businesses.
  Madam Speaker, I submit for your further consideration the text of 
the proposed U.S. Panama Trade Promotion Agreement. I look forward to a 
productive and informative discussion about it in the weeks and months 
to come.

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