FOR IMMEDIATE RELEASE
Tuesday, May 15, 2012
CONTACT OFFICE OF PUBLIC AFFAIRS
U.S. Commerce Secretary John Bryson made the following statement regarding the U.S.-Colombia Trade Promotion Agreement that enters into force today. Due to the agreement, 80 percent of U.S. exports of consumer and industrial products to Colombia are now duty-free, including agricultural and construction equipment, building products, aircraft and parts, fertilizers, information technology equipment, and medical scientific equipment. Additionally, more than half of the U.S. exports of agricultural commodities to Colombia are now duty-free, including wheat, barley, soybeans, high-quality beef, bacon and almost all fruit and vegetable products. According to the International Trade Commission, the agreement will lead to an increase in U.S. GDP of $2.5 billion.
“This Agreement will provide American businesses, farmers, and ranchers with significantly improved access to the third-largest economy in South America. It immediately eliminates or reduces tariffs on almost all U.S. industrial exports to Colombia, presenting new opportunities for U.S. exporters to enter or expand their presence in Colombia’s growing economy. In addition, it provides significant new access to Colombia’s $180 billion services market, supporting increased opportunities for U.S. service providers.
“This is just the latest in this administration’s efforts to ensure that companies large and small have the support they need to build their products here and sell them everywhere.”
For a fact sheet on U.S.-Colombia Trade Promotion Agreement Implementation, visit here (PDF).
Also, for more information, visit the International Trade Administration’s trade agreement Tariff Tool, which combines tariff and trade data into a simple and easy-to-search public interface.