Beginning October 31st, Panama will eliminate tariffs on more than 86 percent of U.S. industrial and consumer goods.

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Mulally traveled Wednesday to Washington, where he pressed U.S. Trade Representative Ron Kirk and the Obama administration to make sure that a provision to eliminate U.S. tariffs on imported Korean cars was accompanied by countermeasures that would increase access to the Korean auto market for American companies.

FORBES: Alan Mulally's New Ford Focus: Korean Free Trade

Over five years, the Americans propose to eliminate export subsidies for farm products, and to slash both tariffs on farm goods and trade-distorting subsidies for farmers.

ECONOMIST: Trade