U.S. Chamber Hosts Forum on U.S.-Colombia Trade

Event Celebrates First Anniversary of Free Trade Agreement

WASHINGTON, D.C.—The U.S. Chamber of Commerce, the Latin America Trade Coalition, and the Association of American Chambers of Commerce in Latin America (AACCLA) hosted a forum today to celebrate the first anniversary of the U.S.-Colombia Trade Promotion Agreement. U.S. Chamber Vice President for International Affairs John Murphy and Colombian Ambassador to the United States Carlos Urrutia highlighted the agreement’s positive results since its entry-into-force on May 15, 2012.

“This landmark agreement has opened the door to new business opportunities, economic growth, and job creation in the U.S. and Colombia,” said Murphy. “Through this measure, businesses in both countries have laid a stronger foundation for growth and prosperity.”

U.S. merchandise exports to Colombia surged to $15.9 billion in the May 2012 – March 2013 period, a 20% increase over the same period a year earlier. Some key sectors enjoyed even more rapid export growth, including transportation equipment and agricultural products, which grew by 61% and 74%, respectively. For comparison, U.S. exports globally expanded by 4.4% last year.

According to the Embassy of Colombia, Colombian exports have benefited as well, with 57% of goods benefiting from the agreement’s elimination of trade barriers. Nearly 1,000 Colombian exports that had not previously enjoyed preferential access to the U.S. market experienced a 185% increase since the agreement’s entry into force.

The forum also featured remarks from Representative Aaron Schock (R-IL), a member of the House Ways and Means Subcommittee, and Ambassador Miriam Sapiro, Deputy United States Trade Representative. Catalina Crane, the Government of Colombia’s High Presidential Counselor for Public and Private Management, offered the keynote address.

International trade and investment are central to the Chamber’s 2013 American Jobs and Growth Agenda, an ambitious plan to generate stronger economic growth, create jobs, and expand opportunity for all Americans.

The U.S. Chamber is the world’s largest business federation, representing the interests of more than three million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations. Its International Affairs division includes more than 50 regional and policy experts and 23 country-specific business councils and initiatives. It also works closely with 116 American Chambers of Commerce abroad.