President Bush proposes free trade pact with Colombia
12 Sep '06
1 min read
In a letter of intent President Bush stated that free trade agreement between the United States and Colombia will create huge export opportunities for American farmers.
Through this pact, lots of job opportunities will be created in United States while Colombian economy will flourish.
This agreement would be the biggest in Western hemisphere after North American Free Trade Agreement (NAFTA) in 1994.
On the other hand, Colombian Government seems less happy due to President's refusal to push the agreement through Congress before the November congressional elections.
Colombian Government has argued that current unilateral trade privileges will be expired on January 1, 2007 and if the pact is not implemented before that, Colombian economy will have to suffer much.
To stop Bolivia, Ecuador, Peru and Columbia from the production of coca from which cocaine is manufactured, they were given trade benefits by covering thousands of products.
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