Obama reverses direction and withdraws Panama Free Trade Agreement
(primapanama.blogs.com) In an abrupt reversal of policy, the Obama administration withdrew the Panama Free Trade Agreement (FTA) from consideration in the U.S. Congress today just as the Senate was about to hold hearings. In an apparent concession to the powerful trade union lobby, the administration said it would delay seeking approval for the FTA until "until President Barack Obama offers a new “framework” for trade".
The FTA was meeting unexpectedly stiff resistance in Congress as unions and anti tax haven groups lobbied the administration to pull the agreement from consideration.
It will be interesting to see whether the U.S. continues to pressure Panama to change it's banking secrecy and anonymous corporation laws.
From Bloomberg - Obama Delays Plans for Panama Trade Deal After Unions Object
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Original Source: primapanama.blogs.com
Date Retrieved: May 23, 2009.
