Thank you for inviting me to join you today.
My name is Neil Reeder, director general, Latin America and Caribbean.
Let me also thank Mr. Keddy for his contribution to our trade programming in Central America. His visits to the region led to progress, certainly in the case of Panama and Honduras.
I'd like to talk today a bit about the bilateral commercial relationship between Canada and Panama. Once approved by Parliament and ratified, our FTA with Panama will become an important element of that bilateral commercial relationship and provide new opportunities for increased commercial activity between our two countries.
Panama and Canada already maintain close bilateral relations and our policies and objectives are well aligned in the region. Our two countries continue to work together to strengthen and promote freedom, democracy, human rights and the rule of law throughout the Americas.
By strengthening our trade and investment ties with Panama we are supporting the government's Americas strategy, as well as our broader efforts to promote market liberalization, combat protectionism, build bridges to global markets and support a more prosperous hemisphere.
Latin America and the Caribbean is an economically dynamic region which presents significant opportunities for commercial partnership with Canada. We have already seen a 50% increase in Canada's two-way trade with Latin America and the Caribbean in the last five years.
Panama plays a prominent role in our regional engagement, not only as a vital logistics artery but also now as the fastest-growing economy in Central America, with a GDP growth of 7.5% in 2010. Panama received the fifth-highest score in Latin America last year in the annual World Bank ratings of countries for ease of doing business. The country welcomes international commerce and is committed to providing a facilitative environment for trade and investment.
Panama is also our largest export market in Central America. The bilateral trading relationship has grown 61% since 2009, reaching $213 million in bilateral trade in 2010. We believe there is great potential for further expansion. Increased engagement will help maintain our exporters' competitive position, which is challenged by the recent signing of a bilateral FTA between Panama and the United States.
Some Canadian companies have already established a strong investment presence in Panama. Scotiabank, for example, is now the fifth-largest commercial bank in the country. SNC-Lavalin is also active, and Export Development Canada recently opened a regional office in Panama City.
Canada is also poised to play a very prominent role in Panama's mining sector. Toronto-based Inmet Mining is developing a copper mine proposal with an investment valued at $4 billion Canadian. This project is now under environmental review by the Government of Panama.
In June of this year Minister of International Trade Ed Fast welcomed Panama's Minister of Industry on an official visit to Canada to celebrate the first direct flight from Panama City to Toronto by Panama's Copa Airlines. Copa is now flying four times per week between Panama and Toronto, and we anticipate this engagement will facilitate travel and tourism between the two countries.
Canada has also improved its visa services procedures in Panama to facilitate visa issuance for legitimate travellers, which will make international travel and people-to-people ties easier between the two countries.
Panama is an established and growing market for Canadian workers and exporters. Canada is among the largest foreign investors in the country, just at a time when the country is becoming more appealing as a destination for investors from around the world. Strengthening our partnership and interactions with Panama is a solid approach to build on Canada's presence in the region. It will support the creation of new opportunities for Canadian exporters and investors, giving Canadian workers and businesses a needed competitive boost in the market.
Thank you very much. Je serais très content de répondre à vos questions dans la langue officielle de votre choix. Merci.