WASHINGTON - Today, the Canada- Colombia Free Trade Agreement entered into force. In response, U.S. Senator Orrin Hatch (R-Utah), Ranking Member of the Senate Finance Committee, issued the following statement:
“While Canada’s trade agreement with Colombia goes into force today, American exporters are put at a competitive disadvantage because the Obama Administration has yet to submit our own trade pact to Congress for a vote. Our bilateral accord with Colombia, which was signed years ago, would spur new job growth and shore up a vital regional alliance. There is no reason for continued delay and it is past time the President submit our pending trade agreements with Colombia, Panama, and South Korea to Congress. The longer this Administration delays the further our economy falls behind. "
Since the U.S.-Colombia Trade Promotion Agreement (CTPA) was signed in 2006, over $3.5 billion in tariffs have been imposed on U.S. exports to Colombia. Once the trade accord enters into force, more than 80 percent of U.S. exports of consumer and industrial products to Colombia will become duty-free immediately.
The International Trade Commission (ITC) estimates that the tariff reductions in the Agreement will expand exports of U.S. goods by more than $1.1 billion, and support thousands of additional American jobs. The ITC also projected that the Agreement will increase U.S. GDP by $2.5 billion.
