Although supporters of the CAFTA-DR model have prevailed in previous agreements, a new cross-party consensus has emerged with the leadership of the 110th Congress, leading to a significant change in the model for the bilateral working chapters of the ETS. The principles of this amendment, as defined in the May 10, 2007 agreement, were included in the working chapters on the bilateral free trade agreements concluded by the United States with Panama, Peru, Colombia and South Korea. Major changes to the CAFTA-DR model indicate that each country has entered into numerous agreements in the United States and Panama over the past 150 years, the largest of which define their relative share in the canal that crosses the Central American isthmus and crosses the Pan American territory. The canal has been a critical factor influencing Panama`s internal and external affairs and, like previous agreements between the United States and Panama, the importance of the free trade agreement is linked to a Panamanian economy that has formed largely around the canal. CCS is often associated with a number of illegal activities, including money laundering, illegal transshipment, trademarks and other intellectual property infringements. It is partly a reputation that Panama as a whole has been fighting since the military dictatorship, widely known for its blatant disregard for the law, if not for corruption. Panama`s proximity to Colombia and the increase in illicit drug handling in the region have also fuelled this perception. The U.S. Congress.
House of Representatives. Commission on Roads and Means. Dominican Republic-Central America-U.S. Free Trade Agreement Act. H.Rept. 109-182, 50-51. The ancillary agreement is available on www.ustr.gov and for a summary of the debate, Rosella Brevetti, “CAFTA Opponents Blast U.S. Stance on Guatemalan Data Protection Law,” BNA International Trade Reporter, March 10, 2005. South Korea The Free Trade Agreement (KORUS-FTA) came into force on 15 March 2012.
Korea is the sixth largest trading partner of the United States with a value of approximately $84.3 billion in 2016. U.S. exports to Korea were estimated at $30.7 billion, while Korean imports totalled $53.5 billion this year. USTR South Korea FTA Page” The US-Panama FTA is adopting new pharmaceutical standards for IPRs, reflecting a bipartisan understanding, as developed by congressional and USTR leaders in the May 10, 2007 agreement. They deal with three important issues. The first, and perhaps the most complex, problem is data exclusivity. To bring a patented drug to market, a pharmaceutical company must demonstrate through clinical trials that the drug is both safe and effective, a tedious and costly process. Under U.S. law, the data used to determine these claims is protected for a period of five years from the date the patented drug is authorized for use in a country`s market, the term “data exclusion.” Under this protection, regulators may not use this data or, for the certification of a generic version of the drug or drug, rely on references to this data until the end of the exclusion period. This issue was raised by members of Congress and others during the CAFTA-DR debate, but was only partially addressed in a subsidiary agreement (“understanding”) that ensured that WTO rules in this area would be in force.