U.S.-Colombia Free Trade Agreement to Go into Effect May 15
Subscribe today for Free Enterprise Updates
- Latest business trends and best practices
- News about legislation and regulation impacting business
- Business how-to articles from industry experts
- Commentary and interviews with newsmakers in business and politics
As I suspected, trade news was made over the weekend at the Summit of the Americas in Colombia. U.S. Trade Representative Ron Kirk announced that the U.S.-Colombia free trade agreement will go into effect on May 15. On that day, more than 80% of U.S. exports to Colombia will be duty free.
U.S. Chamber President and CEO Tom Donohue welcomed the news saying, “This landmark agreement opens the door to new business opportunities, economic growth, and job creation in the U.S. and Colombia.”
U.S. Trade Representative Ron Kirk was also pleased: “One month from today, the value of the U.S.-Colombia trade agreement will begin to be seen in lower tariffs on autos, consumer goods, agricultural commodities, machinery, and other exports from the United States, which will make our goods more competitive in the Colombian market.”
This means more export-opportunities and export-related jobs for American workers.
Donohue went on to say we need to keep moving forward on expanding trade opportunities:
Rather than rest on our laurels, we must continue to push forward with a bold job-creating trade agenda. The Chamber’s trade priorities include congressional approval of permanent normal trade relations with Russia, reauthorization of the Export-Import Bank, and renewal of the president’s trade negotiating authority.
Along with those goals, the U.S. Chamber is pushing for a Trans-Pacific Partnership and trade deals with the European Union and other growing markets.