U.S.-Colombia FTA at 2 years old
With two years into the U.S.-Colombia Trade Promotion Agreement, the White House reported that U.S. manufacturers have substantially increased exports of transportation equipment, petroleum and coal products, processed food, and computer and electronic products into the South American country.
U.S. farmers and ranchers have also witnessed strong growth of agricultural exports, including in pork, beef, dairy products, soybeans, rice, grapes and tree nuts to Colombia since the FTA took effect.
“We will continue to work closely with the Colombian government to unlock new opportunities for increased exports from the United States. At the same time, we will build on the progress made to date by Colombia to improve respect for labor rights and press for further steps to ensure the full implementation of the Labor Action Plan," said U.S. Trade Representative Michael Froman in a statement.
In 2013, U.S. goods exports to Colombia totaled $18.6 billion, up 30 percent compared with 2011, the last year prior to entry into force of the trade agreement. At the same time, goods imports were down 6.5 percent and the goods deficit declined by 65.8 percent, the Office of the U.S. Trade Representative said.
For U.S. agricultural exports, Colombia is the third-largest purchaser of these products in South America. In 2013, U.S. agricultural exports to Colombia increased over 34 percent compared to 2011, to $1.51 billion.
U.S. manufacturing exports to Colombia were up 32 percent compared to 2011, to $4.3 billion. Exports of petroleum and coal products were up 101 percent, to $2.8 billion; computer and electronic products were up 31 percent to $600 million; transportation equipment exports were up by 46 percent to $400 million; and processed food up 93 percent, to $400 million.
More than 80 percent of U.S. exports of consumer and industrial products and more than half of U.S. agricultural exports to Colombia are now duty-free under the agreement, with remaining tariffs to be phased out over defined time periods.
The United States and Colombia signed the U.S.-Colombia Trade Promotion Agreement on Nov. 22, 2006. The U.S. Congress approved the U.S.-Colombia pact on October 12, 2011, and the agreement entered into force on May 15, 2012.