Colombia Trade Agreement Will Expand U.S. Exports, GDP, Jobs
The TPA will strike tariffs and other U.S. export barriers in Colombia, foster economic growth, and expand trade between the two nations. In 2010, the United States exported $12 billion worth of goods to Colombia. The International Trade Commission (ITC) says the TPA's tariff reductions will result in an increase of $1.1 billion of U.S. exports and a $2.5 billion rise in U.S. GDP.
Other characteristics of the TPA include:
• More than 80 percent of U.S. consumer and industrial goods to Colombia immediately become duty-free
• The U.S. agriculture and construction equipment, aircraft and auto parts, fertilizers and agro-chemicals, IT equipment, medical and scientific equipment, and wood immediately become duty-free
• More than half of current U.S. farm exports to Colombia immediately become duty-free
The White House expects the TPA to maintain a critical share of the Colombian trade market. Colombia is implementing or pursuing trade talks with Canada, the European Union, South Korea, and Japan.
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