LatinNews Daily - 18 August 2023

In brief: Panama requests revision of trade agreement with US

* Panama’s President Laurentino Cortizo has said that his government has made a formal request to the US regarding the revision of five sensitive products included under the Panama-US trade promotion agreement (TPA). President Cortizo made the announcement at a meeting of the national livestock council which took place in La Villa de Los Santos, the capital of Los Santos province. He said that this revision had been requested during a recent visit to Panama by US Secretary of Commerce Gina Raimondo. Under the TPA, which took effect in October 2012, over 87% of US exports of consumer and industrial products to Panama become duty-free upon entry-into-force, with remaining tariffs phased out over ten years. Panama eliminated duties on high-quality beef, frozen turkeys, soybeans, soybean meal, crude soybean and corn oils, almost all fruit and fruit products, wheat, peanuts, whey, cotton, and many processed products.

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