<P> The high levels of Panamanian trade are in large part from the Colón Free Trade Zone, the largest free trade zone in the Western Hemisphere . Last year the zone accounted for 92% of Panama's exports and 64% of its imports, according to an analysis of figures from the Colon zone management and estimates of Panama's trade by the United Nations Economic Commission for Latin America and the Caribbean . Panama's economy is also very much supported by the trade and export of coffee and other agricultural products . </P> <P> The Bilateral Investment Treaty (BIT) between the governments of the United States and Panama was signed on October 27, 1982 . The treaty protects US investment and assists Panama in its efforts to develop its economy by creating conditions more favorable for US private investment and thereby strengthening the development of its private sector . The BIT was the first such treaty signed by the US in the Western Hemisphere . A Panama - United States Trade Promotion Agreement (TPA) was signed in 2007, approved by Panama on July 11, 2007 and by US President Obama on October 21, 2011, and the agreement entered into force on October 31, 2012 . </P> <P> Panama had an estimated population of 4,034,119 in 2016 . The proportion of the population aged less than 15 in 2010 was 29% . 64.5% of the population was between 15 and 65, with 6.6% of the population 65 years or older . </P> <P> More than half the population lives in the Panama City--Colón metropolitan corridor, which spans several cities . Panama's urban population exceeds 75%, making Panama's population the most urbanized in Central America . </P>

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