Dave Camp: “I would just say, this agreement will create new market access for U.S. exporters of consumer and industrial products.…”

“I would just say, this agreement will create new market access for U.S. exporters of consumer and industrial products. Over 87 percent of our exports to Panama will become duty-free immediately, with the remaining tariffs to be phased out that are left over a 10-year period. This will cut by more than half the average 8 percent tariff that our exporters face. This will provide U.S. firms with an advantage over major competitors from Europe and Asia. And because Panama recently signed an agreement with the EU, our advantage is dependent on having our agreement enter into force immediately. So it's not just about what the U.S. and Panama are doing in a vacuum; it's about what the rest of the world is doing as well. As I said, there are key export sectors that get immediate duty-free treatment: aircraft, construction equipment, fertilizers, medical and scientific equipment. This levels the playing field for our exporters versus importers from Panama, and this agreement will create new opportunities for our farmers and ranchers. More than half of the current U.S. farm exports to Panama will become duty-free immediately. It gives our U.S. farmers an advantage over our EU and Canadian competitors. Our exports in agriculture to Panama now face a 15 percent average tariff.…”