[Congressional Record (Bound Edition), Volume 157 (2011), Part 10]
[Senate]
[Page 14463]
[From the U.S. Government Publishing Office, www.gpo.gov]




  LEGISLATION AND SUPPORTING DOCUMENTS TO IMPLEMENT THE UNITED STATES-
                PANAMA TRADE PROMOTION AGREEMENT--PM 25

  The PRESIDING OFFICER laid before the Senate the following message 
from the President of the United States, together with accompanying 
reports and papers; which was referred to the Committee on Finance:

To the Congress of the United States:
  I am pleased to transmit legislation and supporting documents to 
implement the United States-Panama Trade Promotion Agreement 
(Agreement). The Agreement is an important part of my Administration's 
efforts to spur economic growth, increase exports, and create jobs here 
in the United States, while promoting our core values. The Agreement 
will create significant new opportunities for American workers, 
farmers, ranchers, manufacturers, investors, and businesses by opening 
Panama's market and eliminating barriers to U.S. goods, services, and 
investment.
  The Agreement also represents an important development in our 
relations with Panama, and accords with the goal, as expressed by the 
Congress in the Caribbean Basin Trade Partnership Act, to conclude 
comprehensive, mutually advantageous trade agreements with beneficiary 
countries of the Caribbean Basin Initiative trade preference program. 
The Agreement further reflects a commitment on the part of the United 
States to sustained engagement in support of democracy, economic 
growth, and opportunity in Panama and the region.
  Panama is one of the fastest growing economies in Latin America. Upon 
entry into force of the Agreement, Panama will immediately eliminate 
its tariffs on over 87 percent of U.S. exports of consumer and 
industrial goods and on more than half of U.S. exports of agricultural 
goods. Panama will eliminate most other duties on U.S. exports within a 
15-year transition period. Eighty-five percent of U.S. businesses 
exporting to Panama are small- and medium-sized enterprises. The 
elimination of duties provided for in the Agreement will help to level 
the playing field for them and for all U.S. exporters, based on 2010 
trade flows, as approximately 98 percent of our imports from Panama 
already enjoy duty-free access to the U.S. market. In addition, the 
Agreement will give American service providers greater access to 
Panama's $20.6 billion services market.
  The Agreement contains state of the art provisions to help protect 
and enforce intellectual property rights, reduce regulatory red tape, 
and eliminate regulatory barriers to U.S. exports. The Agreement also 
contains the highest standards for protecting labor rights, carrying 
out covered environmental agreements, and ensuring that key domestic 
labor and environmental laws are enforced, combined with strong 
remedies for noncompliance. Panama has already made significant reforms 
related to the obligations it will have under the labor chapter.
  As a part of an ambitious trade agenda, it is important that the 
Congress renew a strong and robust Trade Adjustment Assistance Program 
consistent with reforms enacted in 2009. Renewal of that program is 
necessary to support Americans who need training and other services 
when their jobs are adversely affected by trade. As we expand access to 
other markets abroad, we need to ensure that American workers are 
provided the tools needed to take advantage of these opportunities and 
are not left behind in the global economy.
  Approval of the Agreement is in our national interest. The Agreement 
will strengthen our economic and political ties with Panama, support 
democracy, and contribute to further economic integration in our 
hemisphere and economic growth in the United States. I urge the 
Congress to enact this legislation promptly.
                                                        Barack Obama.  
The White House, October 3, 2011.

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