Shippers want forward movement on trade agreements

Both the U.S. Chamber of Commerce and Retail Industry Leaders Association (RILA)

Joined “Critical Cargoes” in welcoming last week’s Senate Finance Committee hearing on the U.S.-Panama Trade Promotion Agreement (TPA).

This represents a critical step in efforts to spur economic growth at home and abroad.

“This front-loaded agreement is an economic shot in the arm for both the United States and Panama,” said Caterpillar Chairman and CEO Jim Owens, who testified at the hearing on behalf of the Chamber. “It will build on the foundation of U.S.-Panama cooperation laid a century ago at the building of the canal.

“Past trade agreements have increased Caterpillar exports dramatically, boosting our sales to our Latin American neighbors by two-, three- and four-fold,” said Owens.

“RILA applauds Senate Finance Committee Chairman Max Baucus (D-MT) and Ranking Republican Charles Grassley (R-IA) for pressing forward with an ambitious trade agenda that will provide meaningful benefits to consumers, workers and businesses in the United States and in Panama,” said Stephanie Lester, vice president for international trade.

Passage of the agreement would provide significant and direct benefits for U.S. retailers. An existing constitutional ban in Panama prevents U.S. retailers from establishing stores within the country. The agreement would remove that barrier, give retail companies strong investment protections, and expand product sourcing options. 

“Progress on the Panama trade agreement, as well as agreements with Colombia and South Korea, is critical to maintaining America’s leadership position in the global economy. Progress on trade now sends a powerful message to our trading partners that even during difficult economic times, we must create new opportunities for trade rather than retreat to isolationist and defensive policies that are detrimental to our businesses and consumers,” said Lester.