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May 21, 2010

Canada and Panama sign Free Trade Agreement

On May 14, 2010, Canada's International Trade Minister Peter Van Loan, along with Panama's Minister of Commerce and Industry, Roberto Henríquez, signed the Canada-Panama Free Trade Agreement (FTA), as well as parallel agreements on labour cooperation and the environment.

Canada and Panama launched free trade negotiations in October 2008. Following several rounds of talks, including intersessional work, both countries announced on August 11, 2009, the conclusion of negotiations towards an FTA, as well as the parallel agreements. Both countries had since been carrying out a detailed legal review of the texts.

All three agreements must now pass through the respective ratification processes of both countries before entering into force. In the case of Canada, the agreements must be approved by Parliament before they can be implemented. No target date was publicly mentioned for the coming into force.

Elements covered by the FTA include: market access for goods, cross-border trade in services, telecommunications, investment, financial services and government procurement.

The text of the agreement is available on the Department of Foreign Affairs and International Trade's website.