Panama Makes Move Towards U.S. Free Trade Deal
Panama and the U.S. will soon be exchanging tax information once Treasury Secretary Timothy F. Geithner signs off on November 30.
With a tax accord secured, Panama’s Minister of Trade and Industry, Roberto Henriquez, expects that the U.S. Congress will approve the stalled Free Trade Agreement between the two countries.
“The Panama deal is ready, it’s easy and it’s good for both countries,” Henriquez told Bloomberg. By passing the accord, “the U.S. will send the signal that it is serious about integration.”
In an effort to get of the Organization for Economic Cooperation and Development’s grey list of dodgy tax havens, Panama has already reached 13 separate taxation agreements with other countries.
Panama’s Vice Minister of Finance Frank De Lima believes that the signing of all these accords, including the one with the U.S., will help certify to the rest of the world that Panama’s banks as trustworthy.
