While this issue is not within the scope of the free trade agreement, some members of Congress and the Obama administration wanted to delay consideration of the free trade agreement until Panama signed an information and tax exchange agreement (TIEA) with the United States and other measures needed to be removed from the OECD `grey list` , including the implementation of tax agreements with at least 12 other countries.11 Panama and the United States have reached a resolution on the issue of tax transparency. agreeing to implement tax agreements with at least 12 other countries. ratified by Panama on April 13, 2011. TIEA allows both countries to request information on most types of federal (U.S.) or national (Panama) taxes. To address the issue of tax havens, Article 7 explicitly allows the exchange of tax information „within the framework of the existing criminal mutual aid treaty“, which includes, among other things, money laundering. The United States is also Panama`s largest import supplier, with 24.9% of Panama`s total imports, up from 29.1% in 2009. Latin America accounts for 20.7% of Panama`s imports and Asia 13.4%. Panamanian trade has two distinct import-largest components. Nearly 12% of imports were imported into Panama through the Free Trade Area (CFZ), as explained in more detail below.
In addition, nearly 20% of imports of petroleum products into the Oil Import Zone (OIZ) are reflected. Most of these imports came from the United States, Latin America and the Caribbean. For Panama, the free trade agreement strengthens its many trade objectives and supports other foreign direct investment in the United States. The services sector is already globally competitive, but the manufacturing sector is small and the agricultural sector remains protected and uncompetitive (see below). For Panama, the main objective was to develop a free trade agreement that would balance the need to promote openness to services, export growth and the promotion of manufacturing and adaptation to agriculture, while minimizing social eviction. The incentive to negotiate may have been reinforced by the desire to keep pace with other Latin American countries that have already concluded free trade agreements with the United States or are negotiating. The same competitiveness in retail, express supply and financial services, including disinsurance and portfolio management, was achieved in the free trade agreement, an issue of paramount importance to the United States. In particular, restrictions on investment in retail and access to contracts leased by the Panama Canal Authority have either been removed or reduced. Improved access to other professional services and transparency of accreditation and other accreditations have been clarified. To the extent that restrictions in these areas are reduced,