President Alvaro Uribe today with Techint CEO Paulo Rocca. (Photo: Felipe Ariza/Colombian President's Office)
Presidents Barack Obama and Alvaro Uribe at the Summit of the Americas in Trinidad in April. They are scheduled to meet at The White House next week. (Photo: Colombian President's Office)
Colombia is the least affected by the trade decline among the top U.S. partners in Latin America.
BY JOACHIM BAMRUD
When Colombian president Alvaro Uribe meets his U.S counterpart Barack Obama next week, they may want to take a closer look at the most recent data for U.S.-Colombian trade. It shows that Colombia is the country that has been affected the least by the current trade decline. Colombia's exports to the United States have declined the least among the top five U.S. trade partners in Latin America, according to a Latin Business Chronicle analysis of the latest data from the U.S. Census Bureau
However, the data also shows that U.S. exports to Colombia are falling at higher rates than to other top countries in the region, strengthening the argument for a speedy approval of the U.S.-Colombian free trade agreement.
While Colombia currently enjoys temporary duty-free access to the United States on more than 5,000 products, U.S. companies need to pay tariffs on its goods sent to Colombia. The FTA would eliminate those tariffs on most goods, while locking in Colombia's duty-free access.
The FTA was signed in November 2006, but has been delayed due to opposition from key Democrats such as House Speaker Nancy Pelosi. U.S. companies have paid an estimated $2 billion in tariffs since the agreement was signed, according to the Latin America Trade Coalition, a group that promotes free trade between the United States and Latin America.
Colombia's trade with the United States fell by...
HP: Strong Latin Growth