U.S. Chamber Hails Entry-into-Force of U.S.-Colombia Trade Accord
WASHINGTON, D.C.—The U.S. Chamber of Commerce applauded today’s entry-into-force of the U.S.-Colombia Trade Promotion Agreement. Congress voted to approve the agreement by a large bipartisan majority last October.
“Colombia has been the world’s greatest turnaround story of the past decade,” said Thomas J. Donohue, president and CEO of the U.S. Chamber. “Given the Colombian economy’s rapid growth, this landmark agreement will open the door to exciting new business opportunities and job creation in the U.S. and Colombia.”
The agreement will level the playing field for U.S. workers, farmers, and companies by immediately eliminating Colombian duties on more than 80% of U.S. exports. It will also open services markets and strengthen intellectual property rights.
U.S. exports to Colombia have risen four-fold over the past decade, topping $14 billion last year, according to the Chamber.
“Rather than rest on our laurels, we must continue to push forward with a bold job-creating trade agenda,” added Donohue. “The Chamber’s trade priorities include congressional approval of permanent normal trade relations with Russia, new trade agreements such as the Trans-Pacific Partnership and proposed accords with the European Union and several other markets, as well as renewal of the president’s trade negotiating authority.”
The Chamber led the business community’s multi-year advocacy campaign for approval of the trade agreements with Colombia, Panama, and Korea. The agreement with Korea entered into force on March 15, and the Chamber is continuing to advocate for implementation of the trade agreement with Panama on a commercially sound basis as soon as possible.
“The challenge now is for companies large and small to translate these new agreements into sales, growth, and jobs,” Donohue said.
The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations.