Colombia FTA to Take Effect May 15th
April 16, 2012
On April 15, 2012, President Obama and Colombian President Santos announced that the U.S.-Colombia Trade Promotion Agreement (TPA) will take effect on May 15, 2012. The announcement followed an exchange of letters between U.S. Trade Representative (USTR) Ron Kirk and Colombian officials confirming that each country has completed the legal requirements and procedures necessary for the TPA to enter into force. President Obama noted that, while work remains to be done to ensure the protection of labor rights in Colombia, significant progress has been made in this area.
According to the Office of the USTR, over 80 percent of U.S. exports of consumer and industrial products to Colombia will become duty free May 15th. The remaining tariffs will be phased out over the next ten years. More than half of agricultural commodity exports to Colombia will be amongst the goods becoming duty-free on May 15th, including high-quality beef, bacon, wheat, barley, soybeans, and most fruit and vegetable products. The TPA also provides for increased access to Colombia’s services market.
President Obama signed implementing legislation for the U.S.-Colombia TPA, as well as for the U.S.-Korea Free Trade Agreement and the U.S.-Panama Free Trade Agreement on October 21, 2011.
For further information, please contact a Barnes/Richardson attorney.