We are pleased to add our voice of support for the U.S.-Colombia Trade Promotion Agreement, which goes into force today. The agreement, announced last month by President Obama and Colombian President Juan Manuel Santos, is a historic development in the strong relationship between our two countries, and it reflects our commitment to support democracy and economic growth in that South American nation.
Colombia is a steadfast strategic partner of the United States and a leader in the region. Under the new agreement, which won strong bipartisan approval in Congress last fall, 80 percent of all industrial and manufactured products exported from the United States to Colombia will be duty free, effective immediately.
The result is a clear victory for all concerned. Easing trade restrictions will boost U.S. exports to Colombia, making more American goods available to that country while at the same time strengthening the U.S. economy and helping to support more and better jobs for Americans. The agreement also will provide significant new access to Colombia’s $166 billion services market, supporting increased opportunities for U.S. service providers.
Equally important, the agreement will help Colombia battle the production of illicit crops by creating alternative economic opportunities for its citizens, thus helping to staunch the flow of illegal drugs into America’s neighborhoods and homes.
For an overview of the U.S.-Colombia Trade Promotion Agreement, click here. To learn more about how the agreement will benefit your community, click here. For more, read this blog post from the the Department of Commerce, and head to Twitter to folow @USTradeRep and @CommerceGov.