We touched on this briefly last week. The United States Congress approved the U.S.-Panama free trade agreement in October 2011. President Obama signed it later that month. Our understanding is that the United States and Panama are now moving forward to implement that FTA as early as this month of 2012. The Panamanian congress is considering some final pieces of legislation in order to implement all the commitments it has made to the U.S. in that agreement. The agreement could come into force very soon. That's certainly the intention of those two governments.
If that happens, and tariffs will be cut for U.S. imports into Panama and not for Canadian imports into Panama, there could certainly be an effect on Canadian exports.