US, Colombia Near FTA
8 April 2008 The US and Colombia are near the approval of a Free Trade Agreement (FTA) between the countries, according to a US government release.
The government release stated that US President George Bush had signed a letter to the US Congress to send them legislation which would implement the FTA.
The statement noted that Colombia is the largest market for US agriculture exports in South America. In 2007, the US exported a record US $1.2 billion of agricultural products to Colombia; however, tariffs between the countries are one-sided, as 99.9% of Colombian food and agricultural exports enter into the US duty-free, while no US agricultural exports to Colombia receive duty-free treatment.
If implemented, over 70% of US agricultural products will immediately receive duty-free treatment into Colombia. The remaining tariffs will be eliminated within 15 years.
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