Colombia Trade Agreement Will Expand U.S. Exports, GDP, Jobs
04/07/2011
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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