Canadian and Panamanian trade ministers on Friday signed a Canada-Panama free trade agreement that will grant access to Canadian firms to help in a 5.2-billion dollar Panama Canal expansion. In addition to lowering tariffs in a broad range of sectors, including creating new opportunities for the Canadian construction, manufacturing and agriculture industries, the pact will secure access to Panama’s procurement market.
This includes the 5.4 billion Canadian dollar (5.2 billion US) expansion of the Panama Canal. Last year, Canadian merchandise exports to Panama totalled 91.4 million Canadian dollars (88.4 million US), up 52 percent since 2005.