FEB. 27, 2006 9:46 A.M. ET The United States and Colombia
have concluded a trade agreement to eliminate tariffs and other barriers
to goods and services flowing between the two countries.
The agreement was announced Monday by U.S. Trade Representative Rob
Portman and Jorge Humberto Botero, Colombia's minister for trade,
industry and tourism.
"The free
trade agreement with Colombia will generate export opportunities for
U.S. agriculture, industry and service providers and help create jobs
in the United States," Portman said. "The agreement will
help foster economic development in Colombia and contribute to efforts
to counter narco-terrorism, which threatens democracy and regional
stability."
In May 2004, the
United States initiated free trade agreements with three Andean nations
-- Colombia, Peru and Ecuador. Agreement was reached with Peru in
December 2005 and negotiations with Ecuador are continuing. Bolivia
has participated as an observer and could become part of the agreement.
Colombia becomes
the 15th country to sign a free trade agreement with the United States
since 2001 and negotiations are under way or about to begin with 10
more countries.
The Bush administration
is anxious to complete as many trade agreements as possible before
July 1, 2007, when it loses the ability to do such accords without
having to present them to Congress for approval.
In 2005,
the United States and Colombia had $14.3 billion in trade, and Colombia
is currently the second largest agricultural market for the United
States in Latin America.
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