On the recordOctober 12, 2011
I thank the gentleman from Maine for yielding. Mr. Speaker, I am proud to stand here today voicing the concerns of America's workers and rise in opposition to the Panama free trade agreement, as well as the South Korean and Colombian. Like many others, in terms of Panama, I have expressed concerns about Panama's long history of being a tax haven. Supporters of this NAFTA- style trade deal claim that the Tax Information and Exchange Agreement, or TIEA, that Panama ratified in April of this year wiped away decades of secrecy as a tax haven there. We've been told that Panama's recent removal from the OECD's gray list indicates that it's a fresh start. Well, I ask, when have the promises made in other NAFTA-style trade deals that have brought us these trade deficits since NAFTA was first signed, when have they ever made good on their agreements? Public Citizen notes that the 2001 Panama tax agreement, called TIEA, includes a major exception, a major exception that allows Panama to reject specific requests if it's contrary to the public policy of Panama. Now, that's an interesting concept for a country that derives a significant national income from activities related to being a tax haven. Time has proven those who oppose these NAFTA-type trade accords correct. They have all been job losers. Otherwise, America would have a trade balance, but we have a half a trillion dollar trade deficit. Sure we might sell a few more pork chops and a few more soybeans.…
