Today the Retail Industry Leaders Association (RILA) applauded the Senate Finance Committee for holding a hearing on the United States-Panama Trade Promotion Agreement. The hearing is an important step forward to consider an agreement that will create new opportunities for US businesses competing in a globalized economy.

'RILA applauds Senate Finance Committee Chairman Max Baucus (D-MT) and Ranking Republican Charles Grassley (R-IA) for pressing forward with an ambitious trade agenda that will provide meaningful benefits to consumers, workers and businesses in the United States and in Panama,' said Stephanie Lester, vice president for international trade.

Passage of the agreement would provide significant and direct benefits for US retailers. An existing constitutional ban in Panama prevents US retailers from establishing stores within the country. The agreement would remove that barrier, give retail companies strong investment protections, and expand product sourcing options.

'Progress on the Panama trade agreement, as well as agreements with Colombia and South Korea, is critical to maintaining America's leadership position in the global economy. Progress on trade now sends a powerful message to our trading partners that even during difficult economic times, we must create new opportunities for trade rather than retreat to isolationist and defensive policies that are detrimental to our businesses and consumers,' said Lester.

The free trade agreement with Panama was signed by the both nations on June 28, 2007 but has since languished, along with free trade agreements with Colombia and South Korea, failing to gain approval from Congress. Meanwhile our trading partners ' many of whom who have industries that directly compete with US companies ' continue press forward with their own free trade agreements.

RILA was pleased that United States Trade Representative Ron Kirk and other cabinet members are engaged in discussions with the Panamanian government to reach agreement on the few outstanding issues raised by both sides. They look forward to the timely and successful conclusion of those discussions and remain committed to helping pass the US-Panama Trade Promotion Agreement when it comes up for a vote in the Congress.

RILA promotes consumer choice and economic freedom through public policy and industry operational excellence. Its members include the largest and fastest growing companies in the retail industry -- retailers, product manufacturers and service suppliers -- which together account for more than $1.5 trillion in annual sales. RILA members provide millions of jobs and operate more than 100,000 stores, manufacturing facilities and distribution centers domestically and abroad. (RILA)