Proposed U.S.-Colombia Free Trade Agreement: Background and Issues [July 8, 2011] [open pdf - 373KB]
"The proposed U.S.-Colombia Trade Promotion Agreement, also called the U.S.-Colombia Free Trade Agreement (CFTA), was signed by the United States and Colombia on November 22, 2006. The agreement must be approved by the U.S. Congress before it can enter into force. The Colombian Congress approved the agreement in June 2007 and again in October 2007, after it was modified to include new provisions from the May 10, 2007 bipartisan understanding between congressional leadership and President George W. Bush. If approved by the U.S. Congress, the agreement would immediately eliminate duties on 80% of U.S. exports of consumer and industrial products to Colombia. Most remaining tariffs would be eliminated within 10 years of implementation. […] The United States is Colombia's leading trade partner. Colombia accounts for a very small percentage of U.S. trade (0.9% in 2010), ranking 20th among U.S. export markets and 25th as a source of U.S. imports. Economic studies on the impact of a U.S.-Colombia free trade agreement (FTA) have found that, upon full implementation of an agreement, the impact on the United States would be positive but very small due to the small size of the Colombian economy when compared to that of the United States (about 1.9%)."
CRS Report for Congress, RL34470