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US-Panama FTA to boost textile & apparel trade
16
Jun '12
Textile and clothing trade between Panama and the US is expected to get a boost with the Free Trade Agreement (FTA) between the two nations likely to take effect during the later part of this year.
 
Speaking at the Apparel Sourcing Show in Guatemala City, Ms. Gail Strickler, Assistant US Trade Representative for Textiles, said the US-Panama FTA should become effective in October, 2012.
 
The Republic of Panama, situated on the isthmus connecting North and South America, has been witnessing strong economic growth in recent years. The US$ 5.25 billion Panama Canal expansion plan, scheduled to be completed by 2014-end, is likely to further spur the growth of the country’s economy.
 
During the last few years, textiles and apparel exports from the US to Panama have increased sharply. In 2008, the US exported textiles and garments worth US$ 37.5 million to the Central American nation. However, the value of exports increased to US$ 63.4 million last year.
 
The major textile and clothing items that Panama imported from the US in 2011 were fabrics; home textiles, men’s and boys’ shorts, trousers and suits; women’s and girls’ shorts, slacks, pants and dresses; innerwear and infant wear.
 
Last year, the US imported US$ 1.83 billion worth of textiles and garments from Panama.
 
Currently, US textile and garment item exports to Panama attract an average 6.7 percent duty, while most of Panama’s exports enter the US duty-free because of the country’s membership in the Caribbean Basin Trade Partnership Act.
 

Fibre2fashion Newsdesk - India

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