Inter-American Development Bank President Luis Alberto Moreno hailed the signing of the free trade agreement (FTA) between Colombia and the United States, forecasting that its implementation will boost bilateral commerce and investments.
Colombian Minister of Trade, Industry and Tourism Jorge Humberto Botero and Deputy United States Trade Representative John K. Veroneau signed the agreement in a ceremony held in the IDB conference center in Washington, D.C.
The agreement, which will eliminate tariffs and other barriers to trade between Colombia and the United States, must be ratified by Congress in both countries.
“I am certain that this agreement will create economic opportunity and enhance freedoms for both of our countries and their peoples,” said Moreno.
“It is a crucial step in the consolidation of a partnership between our nations—a partnership built on our shared values of opportunity, security and democracy.”
Ambassador Veroneau underscored the importance of this event to relations between Bogotá and Washington. “Today, we bring that relationship even closer. Under the political leadership of President [George W.] Bush and President [Álvaro] Uribe, scores of dedicated officials from both governments have worked tirelessly over the past two years to produce an agreement that we can be proud of.”
The FTA will benefit consumers, create jobs, generate new export opportunities, and provide enhanced stability and security across the Andean region, added Veroneau.
Before becoming president of the IDB in October 2005, Moreno participated in the commercial negotiations as Colombia's ambassador to the United States since 1998.
The agreement will replace the trade preferences unilaterally granted by the United States to Colombia, which expire at the end of this year. The FTA will provide a stable framework for commerce with rules agreed by both countries.
Inter-American Development Bank
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