The United States-Colombia Free Trade Agreement (FTA) has now entered into force, increasing market access for U.S. goods and services in the Colombian market. President Obama signed the formal “Presidential Trade Proclamation” on May 14.
Effective May 15, 2012, the FTA eliminates duties on 80 percent of U.S. exports of consumer and industrial products to Colombia, including agricultural and construction equipment, building products, aircraft and parts, fertilizers, information technology equipment, medical scientific equipment, and wood products. In addition, according to the Office of the United States Trade Representative (USTR), the FTA provides duty-free access for more than half of all current U.S. agricultural exports to Colombia, including wheat, barley, soybeans, high-quality beef, bacon, and fruit and vegetable products.