US Business Leaders Push For Panama Free Trade Agreement
WASHINGTON -(Dow Jones)- A group of U.S. business leaders is hoping a trade mission to Panama this week will strengthen prospects for congressional approval of a free-trade pact between the nations.
The U.S. and Panama concluded negotiations for a free trade agreement in late 2006. The U.S.-Panama FTA is among three deals waiting for congressional approval. The others are with Colombia and South Korea.
Bill Lane, Washington director of government affairs for Caterpillar Inc. ( CAT), said the upcoming visit to Panama by a group of U.S. business leaders will "energize the business communities of both countries."
The trip is scheduled to begin Thursday and end Sunday.
Federico Humbert, Panama's ambassador to the U.S., said the only roadblock he sees to getting a deal done between Panama and the U.S. is getting on the congressional calendar.
John Murphy, vice president of the U.S. Chamber of Commerce, which is participating in this week's trade mission to Panama added, "The calendar is a challenge for anything on the Hill these days."
One potential roadblock to the agreement's passage - a Panamanian elected official wanted by the U.S. on charges of killing an American soldier - could soon be removed. Pedro Miguel Gonzalez-Pinzon, elected as the head of the Panamanian national assembly in 2007, has agreed to step down from his post, according to Panamanian media reports.
Murphy said the Chamber is continuing to push for expedited congressional approval of all three pending free-trade agreements.
The planned expansion of the Panama Canal makes approval of an agreement with Panama particularly timely, Lane said.
"The notion of being able to sell to all of Panama duty free is very attractive," he said. "There's an incredible business opportunity right now with the expansion of the Panama Canal."
Source: http://money.cnn.com/news/newsfeeds/articles/djf500/200807211620DOWJONESDJONLINE000485_FORTUNE5.htm
