Portman – Congress to execute solid FTA with Columbia
02 Mar '06
3 min read
"Also, since many products from Colombia already enter the US market duty-free under the Andean Trade Preference Act (ATPA), the agreement will level the playing field and make duty-free treatment a two-way street," Portman said.
"I look forward to working on a bipartisan basis with Congress to implement this solid agreement that will benefit American workers, manufacturers, service providers, farmers and ranchers," Portman added.
In 2005, Colombia and the United States had $14.3 billion in two-way trade, and Colombia is currently the second largest agricultural market for the United States in Latin America. US goods exports to Colombia in 2005 were $5.4 billion. Top export categories in 2005 were: machinery, organic chemicals, electrical machinery, and plastic.
US exports of agricultural products to Colombia totaled $677 million in 2005. Leading categories include: coarse grains, wheat, cotton, and soybeans. US foreign direct investment (FDI) in Colombia was $3.0 billion in 2004, primarily concentrated in the manufacturing, mining and wholesale sectors.
In May 2004, the United States initiated free trade agreement negotiations with three Andean nations – Colombia, Peru, and Ecuador. The United States concluded negotiations with Peru in December 2005. Negotiations with Ecuador are continuing. Bolivia has participated as an observer and could become part of the agreement at a later stage.
The United States has significant economic ties to the region. Total two-way trade with the Andean countries of Colombia, Peru, and Ecuador was approximately $24 billion in 2004.
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