President Bush notified Congress of his intent to sign the U.S.-Colombia TPA on August 24, 2006. The U.S. and Colombia signed the Agreement on November 22, 2006. President Bush sent the implementing legislation to Congress on April 8, 2008. Upon Congressional approval, the Agreement will enter into force once Colombia has taken the necessary steps to ensure implementation of its obligations.
WHY A COLOMBIA TRADE PROMOTION AGREEMENT?
The U.S.-Colombia TPA is a tremendous opportunity for U.S. exporters. It will give U.S. companies improved access to a strong market and improve the business climate in Colombia as the country enacts the necessary domestic legal and business reforms required to implement the Agreement.
Colombia is already a strong trading partner and has the potential to be an even greater place to do business. Trade with Colombia offers expanded economic opportunities for U.S. manufacturers, workers, and farmers. It is a growing market for U.S. exporters and a good economic and policy partner of the United States. A Trade Promotion Agreement gives us a framework to make Colombia a better place to do business. In addition, an agreement with Colombia helps further U.S. trade and policy objectives in the region.
What’s in it for me? - The U.S.-Colombia TPA has plenty to offer U.S. exporters, service providers and investors. Specifically, the U.S.-Colombia TPA:
Levels the playing field for U.S. companies who will enjoy tariff free access into Colombia once the Agreement takes full effect.
Provides unprecedented access to government procurement.
Liberalizes the services sectors.
Opens the Colombian market to remanufactured goods.
Protects U.S. investments in the region.
Strengthens protections for U.S. patents, trademarks, and trade secrets.
Improves customs facilitation.
Provides benefits to small and medium sized exporters.
Addresses government transparency and corruption, worker rights, protection of the environment, trade capacity building and dispute settlement.
Requires important reforms of the domestic legal and business environment that are key to encouraging business development and investment.
For additional information please contact an International Trade Specialist at the Trade Information Center at 1-800-USA-TRADE.