2. Information on CPAFTA and the text of the agreement is available on the Foreign Affairs and International Trade Canada website at www.international.gc.ca. The Canada-Panama Free Trade Agreement is a canada-Panama free trade agreement that came into force on April 1, 2013. The agreement was reached on August 11, 2009 by Canadian Prime Minister Stephen Harper and Panamanian President Ricardo Martinelli and signed on May 14, 2010 by the trade ministers of both countries.  The agreement was approved by the parliaments of both countries until December 2012, allowing the agreement to enter into force.  The agreement removes Panamanian tariffs on 90% of goods from Canada. The remaining 10% will expire in the next 10 years. Canada will eliminate 99% of its tariffs on Panamanian products. Canada will maintain tariffs on certain imports of sugar, poultry, eggs and dairy products.
 Panama will end its ban on beef from Canada, which was launched after BSE cases were discovered in Canada in 2003.  1. The purpose of this customs release is to inform you that the Canada-Panama Free Trade Agreement (CPAFTA) will be implemented on April 1, 2013. With the exception of some agricultural products, CPAFTA will essentially eliminate tariffs on all imports from Panama, either immediately after the implementation of the agreement or through an exit from tariffs. If you have any questions or comments on this free trade agreement or on environmental and labour cooperation agreements, we would like to hear from you. Please contact World Affairs Canada at: On May 14, 2010, Canada`s Minister of International Trade, Peter Van Loan, signed the Canada-Panama Free Trade Agreement with Panamanian Trade and Cooperation agreements with Panama`s Minister of Trade and Industry, Roberto Henréquez. On June 11, 2012, the Canadian Parliament introduced a bill on the implementation of trade, environment and labour contracts as Bill C-24.  The Canada-Panama Free Trade Agreement and labour and environmental cooperation agreements include access to the goods market, cross-border trade in services, telecommunications, investment, financial services and public procurement. The Investment Chapter replaces the current Investment Protection and Promotion Agreement (FIPA), which further imprisons and expands access and investment by Canadian investors. In 2008, two-way merchandise trade between Canada and Panama totaled $149.1 million.
 Trade has increased by 48% since 2007.  Canada accounted for $127.9 million of total trade between the two countries, while Panama accounted for the remaining $21.2 million.  12. These tariff decisions are used only to highlight future changes in tariffs and customs law and to consolidate the requirements for the use of CPAFTA preferential rates. In order to gain a better understanding of the CPAFTA, it is recommended that importers review the agreement in its entirety and consult Law C-24 before importing products that may benefit from this agreement. Ottawa, Canada. Third round of free trade negotiations The agreement was negotiated in four sessions. The first negotiations began in October 2008. Negotiations followed two exploratory talks on a possible agreement.  In 1998, Panama and Canada signed the Foreign Investment Promotion and Protection Agreement (FIPA).
The agreement imposed duties and obligations on foreign direct investment between the two countries. In 2006, Canadian companies accounted for $111 million in Panama.  The Parliament of both countries had to approve the agreement before it could enter into force. Canadian opposition parties had considered having to stop the agreement on whether Panama should be considered a tax haven.  Note: Although the Canada-Panama Free Trade Agreement also includes provisions for traders and investors, internal purchasers and spouses, l