Colombian TPA in Effect
On Tuesday this week, the U.S-Colombia Trade Promotion Agreement went into effect.
“Beginning today, U.S. agricultural exporters receive duty-free access on more than half of the products we currently export to Colombia and virtually all remaining tariffs will be eliminated within 15 years,” said Agriculture Secretary Tom Vilsack in a statement.
Estimates show that the tariff reductions will expand total U.S. exports by more than $1.1 billion, supporting thousands of additional American jobs while increasing the U.S. global domestic product by $2.5 billion. For U.S. agriculture, the agreement with South America’s third-largest economy achieves two key trade objectives: it immediately provides vastly improved access to Colombia’s market and it levels the playing field with respect to third-country competitors.
Farm Bureau supports full implementation of the agreement.