Today I had the pleasure of attending a luncheon, co-hosted by the U.S. Chamber and the Embassy of Panama, with His Excellency Martín Torrijos Espino, President of the Republic of Panama.

It’s been over a century now since the construction of the Panama Canal, and over thirty years since the signing of the Panama Canal Treaties. Relations between our countries have never been closer, the United States is either origin or destination for fully two-thirds of the goods transiting the canal.

From a commercial perspective the pending U.S.-Panama trade agreement will take our business partnership to the next level. It will level the playing field for American and Panamanian workers, farmers, consumers, and companies by eliminating nearly all barriers to two-way trade.

More than 6,000 American companies export their products to Panama. 80% of these are small and medium-sized companies that will benefit directly from the bilateral trade agreement. Building on our already strong ties, the trade agreement will do away with a trade relationship built on temporary unilateral preferences and instead build one that is permanent, reciprocal, and mutually beneficial.

The Chamber estimates that approving the pending trade agreements with Panama, Colombia, and South Korea would boost U.S. exports by $42 billion within five years. That’s a stimulus package that American workers could really use about now.

So ask yourself why would Congress not approve this trade agreement?  After all:

• With its economy overwhelmingly based on services, Panama presents no threat to sensitive sectors in the U.S. economy.
• Panamanian farmers’ export crops (which are mostly tropical products) are largely complementary to U.S. agriculture.
• Panama has already ratified all eight International Labor Organization conventions on core labor standards.
• Panama’s National Council of Organized Workers, the umbrella group for all of Panama’s trade unions, endorsed the agreement in June 2007.
• Environmental stewardship has long been a priority for Panamanians as the canal is dependent on protection of the forests in the huge watershed that allows this engineering marvel to function.

Track down your members of Congress and tell them that it is clearly time to approve this agreement.