Panama The Trade Promotion Agreement between the United States and Panama was signed in October 2011 and entered into force on October 31, 2012. The United States maintained a constant trade surplus with Panama under the agreement. In 2016, the United States exported $4.6 billion worth of goods to Panama, while importing $3,056 million worth of Panamanian products. USTR US-Panama TPA Page » With which countries does the United States have a free trade agreement? Free trade allows the unrestricted import and export of goods and services between two or more countries. Trade agreements are concluded to reduce or eliminate customs duties on imports or quotas on exports. These help the participating countries to act competitively. If you want to export your product or service, the U.S. may have negotiated favorable treatment through a free trade agreement to make it easier for you and cheaper. Accessing the benefits of the FTA for your product may require more records, but it can also give your product a competitive advantage over products from other countries. Two countries participate in bilateral agreements.
The two countries agree to ease trade restrictions to expand business opportunities between them. They lower tariffs and grant each other preferential trade status. The sticking point usually focuses on important domestic industries protected or subsidized by the state. For most countries, these are the automotive, oil or food industries. The Obama administration negotiated the world`s largest bilateral agreement, the Transatlantic Trade and Investment Partnership with the European Union. The North American Free Trade Agreement (NAFTA) entered into force on January 1, 1994. NAFTA exports support more than three million American jobs. In the first ten years of NAFTA, merchandise trade between the three countries more than doubled, from about $293 billion in 1993 to nearly $627 billion in 2003.
In 2016, merchandise trade between the United States and nafta`s two trading partners totaled nearly $800 billion. USTR NAFTA Page Once negotiated, multilateral agreements are very powerful. They cover a wider geographical area, which gives signatories a greater competitive advantage. All countries also give each other most-favoured-nation status – they grant the best mutual trading conditions and the lowest tariffs. How can U.S. companies identify tariffs on exports to FTA partner countries? Trade agreements are usually unilateral, bilateral or multilateral. In total, the United States currently has 14 trade agreements with 20 different countries. All trade statistics come from foreign trade – U.S. Census Bureau.” Morocco Since the implementation of the U.S.-Morocco Free Trade Agreement in January 2006, the United States has maintained a trade surplus with Morocco. In 2016, U.S.
exports to Morocco increased 269 percent to $1.2 billion, while U.S. imports from Morocco totaled $788 million. USTR US-Morocco FTA Page » The largest multilateral agreement is the Agreement between the United States, Mexico and Canada (USMCA, formerly the North American Free Trade Agreement or NAFTA) between the United States, Canada and Mexico. As soon as the agreements go beyond the regional level, they need help. .