Dave Camp: “I yield myself such time as I may consume. Madam Speaker, I urge rapid passage of this legislation to implement the…”

“I yield myself such time as I may consume. Madam Speaker, I urge rapid passage of this legislation to implement the U.S.-Panama Trade Promotion Agreement. This agreement enjoys broad bipartisan support, and it's clear why. It levels the trade playing field between the U.S. and Panama. It is good for U.S. companies, workers, and farmers; and it advances our national security and leadership in the Western Hemisphere. Right now, Panama enjoys almost total duty-free access to the United States market because it is a beneficiary of various trade preference programs. Given the importance of a stable and prosperous Panama, giving Panama this market access is warranted. However, U.S. industrial and consumer products going to Panama face an average duty of 7 percent, and U.S. agricultural exports face an average tariff of 15 percent. Implementing this agreement will level the playing field for U.S. exporters by drastically reducing or ending Panama's tariff on U.S. goods. Most U.S. consumer and industrial products will immediately become duty-free, as will half of U.S. farm exports. Any remaining tariffs will decrease quickly thereafter. Opening Panama's market will be a boon for U.S. companies, workers, and farmers. The Panamanian economy is rapidly growing and is expected to more than double by 2020. Panama is already one of the largest markets for some U.S. exporters and service firms.…”