ABSTRACT

U.S.-Colombia Free Trade Agreement [December 20, 2011]   [open pdf - 423KB]

"On October 3, 2011, President Barack Obama submitted draft legislation (H.R. 3078/S. 1641) to both houses of Congress to implement the U.S.-Colombia Trade Promotion Agreement. On October 12, 2011, the House passed H.R. 3078 (262-167) and sent it to the Senate. The Senate passed the implementing legislation (66-33) on the same day. The agreement, which is most often called the U.S.-Colombia Free Trade Agreement (CFTA), is a comprehensive free trade agreement (FTA) between the United States and Colombia, which will eventually eliminate tariffs and other barriers in bilateral trade in goods and services. The FTA was signed by both countries almost five years earlier, on November 22, 2006. The Colombian Congress approved it in June 2007 and again in October 2007, after it was modified to include new provisions after the May 10, 2007 bipartisan understanding between congressional leadership and President George W. Bush. Before the FTA enters into force, the two countries must demonstrate that they have laws in place to meet their obligations under the agreement. Upon entry into force, the agreement will immediately eliminate duties on 80% of U.S. exports of consumer and industrial products to Colombia. Most remaining tariffs will be eliminated within 10 years of implementation."

Report Number:
CRS Report for Congress, RL34470
Author:
Publisher:
Date:
2011-12-20
Series:
Copyright:
Public Domain
Retrieved From:
Via E-mail
Format:
pdf
Media Type:
application/pdf
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