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US-Panama Trade Promotion Agreement enters into force

The Distilled Spirits Council of the United States (DISCUS) toasted the entry into force of the US-Panama Trade Promotion Agreement, saying that it represents significant new access in an expanding spirits market.

Panama officially eliminated its 15% tariff on US distilled spirits products. Thus, US whiskies, rums and other spirits products now enter Panama duty free. Panama also agreed to recognise Bourbon and Tennessee whiskey as distinctive products of the United States. This protection ensures that only Bourbon and Tennessee whiskey produced in the United States under US regulations will be sold as such in Panama.

US exports of spirits to Panama were valued at nearly $7.2m in 2011, representing a 51.3% increase from the previous year. For January-August of 2012, US spirits exports increased 18% relative to the same period in 2011.

by S. C.
05 november 2012, World News > America