The U.S.-Colombia Trade Promotion Agreement will boost the economic growth of both the United States and Colombia.
• Trade between the United States and Colombia accounted for $18 billion in 2007, and is expected to increase once the U.S.-Colombia Trade Promotion Agreement enters into force.
• More than 80 percent of U.S. exports of consumer and industrial products will enter Colombia duty-free, and all remaining tariffs will be eliminated within 10 years upon the agreement’s entry into force.
• The agreement will also make permanent duty-free treatment for Colombian products entering the United States. Currently, Colombian goods enjoy this treatment under the Andean Trade Preference Act, but that program is not permanent.
Colombia and the United States have long been important strategic and economic allies.
• As the fifth largest economy in Latin America and the fourth largest market for U.S. goods in South America, Colombia is increasingly an important market for the United States.
• Bilateral trade between Colombia and the United States has expanded by 75 percent over the past decade. Between 1996 and 2006, U.S. exports to Colombia increased from $4.77 billion to $6.71 billion.
• Colombia is the oldest democracy in Latin America, and unlike some of the other governments in the region, Colombia shares America’s values, supports U.S. policies and is an increasingly important economic partner.
Strengthening trade relations between the United States and Colombia will lead to increased economic prosperity and opportunity in the Western Hemisphere.
• During its history of enormous progress, Colombia has reformed its government by strengthening its democratic institutions and procedures, establishing free and open elections and a transparent judicial system, and encouraging citizen participation in policymaking. Continued U.S. support equals continued prosperity and progress.
• The U.S.-Colombia Trade Promotion Agreement would help to ensure the economic and political security of Colombia by generating productive industry and jobs, which not only helps to secure the future of Colombian society, but the region as a whole.