Congressman Kevin Brady (R-Texas), Chairman, Subcommittee on Trade of the House Committee on Ways and Means, has announced the Subcommittee will hold a hearing on the pending free trade agreement (FTA) with Panama.

This hearing is the second in a series of hearings on the pending FTAs with Colombia, Panama, and South Korea. The hearing will take place on Wednesday, March 30, 2011, in the main Committee hearing room, 1100 Longworth House Office Building, beginning at 2:00 p.m. EDT.

The hearing will address the economic benefits this agreement will bring to American businesses, farmers, workers, consumers, and the U.S. economy. In addition, the hearing will examine the national security and geopolitical implications of the agreement, as well as Panama’s tax transparency.

The American Soybean Association (ASA) strongly supports passage of the FTA with Panama. Tariffs in Panama on U.S. soybeans, soybean meal, and crude vegetable oils will be removed immediately upon the entry into force of the FTA. Tariffs will also be removed immediately for high quality beef, certain chicken products, frozen whole turkeys and turkey breast, and pork variety meats. In 2010, U.S. exports of soybean products to Panama were $65 million.