US governors keen to expand trade with Panama
On the eve of Expocomer business leaders from the United States and Latin America gathered Tuesday at the Miramar Intercontinental Hotel, for a high-powered meet-and-greet luncheon hosted by The American Chamber of Commerce and Industry.
This was part of the build up to the 30th anniversary of Expocomer, in which over 500 companies from America, Asia, Europe, and the Caribbean will take part in a world trade showcase here in Panama City.
Puerto Rico Governor Luis Fortuno President of the Southern Governors’ Association, he encouraged commerce and policy leaders to collaborate in creating more economic opportunity in Panama, while developing the economy of the American South. “Economic success is measured by what creates the greatest good for the greatest number of people,” he said.
The Southern Governors’ Association is comprised of sixteen states and two territories, including Puerto Rico and the US Virgin Islands. Viewed as a group, it is the fifth-largest economy in the world. 76% of U.S. exports came from the American South in 2011.
With the American South’s proximity to Latin America and its 60 ports and 74 airports, there is an immense potential for integrated trade with Latin America. Panama is of special interest because of the Canal.
The U.S. Congress ratified a Panama-U.S. Free Trade Agreement in 2011, but Panama still has to make some legal adjustments before the agreement can be implemented. Panamanian Minister of Commerce Ricardo Quijano expects the process to be complete by October 1.
