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Country report: Panama
21 November 2011
In light of the passing of the US-Panama Free Trade Agreement, Trade Finance looks at both the long term infrastructure investment and burgeoning short tenor trade flows of Central America’s most dynamic market.
Read more:
Panama Trade Finance
IFC
Scotiabank
Multibank
CCB
BBVA
HSBC
Canal Expansion
US FTA
Panama is a centre of world trade and one of the fastest growing economies in Latin America, growing 7.5% in 2010, and the expectation of 7.8% in 2011 and 7.4% in 2012. Some 5% of all international trade flows through the Panama Canal and this will increase once the canal expansion project is completed allowing post Panamax ships to navigate through.
October 12 saw the US Congress pass the US-Panama free trade agreement after more than six years of negotiation. The agreement offers substantial benefits to US exporters eliminating duties on more than 87% of the consumer and industrial exports to Panama, and removing tariffs in 10 years. As well as being such an important trade link between North America and Asia, the country has become a regional hub, and local infrastructure development is fast-paced to maintain this edge. Panama is expanding subways, ports and airport facilities...
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