Mexican senators have called for the ratification of the Mexico-Panama free trade agreement (FTA) after discussing its potential benefits. Among the many potential benefits is the opportunity for Mexico to diversify its exports to Panama.

The FTA would find Mexico focusing on manufacturing goods, while Panama focuses on services. Undersecretary of Foreign Trade at the Ministry of Economy, Francisco de Rosenzweig, boasts Mexico’s increasing exports of manufactured goods to Panama as further proof that the FTA should be ratified.

Tax News states that the two parties have yet to discuss the tariff reductions that would be achieved through the agreement.

Stay up to date on the latest FTAs to enter into force here on the Global Trade News blog with our monthly FTA updates. View last month’s here.