United States-Panama Trade Promotion Agreement Implementation Act

Floor Speech

Mr. BRADY of Texas. I thank the chairman for yielding time.

I first want to thank Chairman Camp and Speaker Boehner for insisting that the White House submit the Panama trade agreement along with those of Colombia and Korea to ensure that we open all three markets equally to American farmers, manufacturers, service, and technology companies. But for your work, we would not be here today.

This agreement is long overdue. As families know, the world has changed. It's not simply enough to buy American; we have to sell American all throughout the world. Panama is a dynamic new market for America with almost 9 percent a year in economic growth--far stronger than our own. Panama is important to our manufacturers in America, it's important to our farmers, it's especially important to our service companies because so much of Panama's economy matches up beautifully with America's economy. With the expansion of the Panama Canal, you're going to see increased cargo at our ports, increased jobs along our coasts, and lower prices in products in America as well.

Critics will say, Panama is too small an economy. Why do we bother?

In this dismal economy in America, every sale, every job counts. From Europe to Canada, to Thailand, to Singapore, and many more, our competitors negotiate sales agreements with Panama because they know those customers matter.

Critics say, Panama is a tax haven. Why are we doing this agreement? But those simply aren't the facts. They also often say that labor rights aren't what they ought to be.

Panama has passed more than a dozen labor laws that dramatically commit to raising the standard of labor protections in that country. They have passed tax information agreements with America and with other countries around the world, so much so that they are now considered in standing on tax transparency equal to the United States.

This is a valued ally in a strong and growing part of the world that, frankly, has waited far too long. It is embarrassing that it has taken 4 years to bring this agreement to the floor. But today it is here. Today, we will signal we are going to open those markets, that we are going to strengthen our ties, and that we are going to pass this sales agreement with Panama.

BREAK IN TRANSCRIPT

Mr. BRADY of Texas. I yield myself 10 seconds.

I would point out in manufacturing we actually run a trade surplus with our trading partners, including NAFTA, selling much more products there. It's our trade deficit with our nontrade agreement partners that we have troubles with. Panama is a surplus for America.

I now yield 2 minutes to a key member of the Ways and Means Committee, who has helped lead the freshman class in opening new markets and finding new customers, the gentleman from New York (Mr. Reed).

Source