International Trade Law News

As part of the Bush Administration's efforts to convince Congress to pass the U.S.-Colombia Trade Promotion Agreement, the Commerce Department today released the “Colombia Tariff Ticker” which tracks the dollar value of tariffs since the signing of the U.S.-Colombia Trade Promotion Agreement 520 days ago. According to Commerce, the tariffs paid by U.S. exporters to Colombia shown on the Colombia Tariff Ticker are an estimate based on data from the World Trade Atlas and Colombian tariff schedules.

Colombia Tariff Ticker
In launching the Colombia Tariff Ticker, the Commerce Department said that the U.S.-Colombia Trade Promotion Agreement "would eliminate 80 percent of these tariff payments on consumer and industrial goods immediately, and 100 percent within ten years." Commerce also noted that American exports face an estimated $1.9 million on tariffs each day that passes without two-way free trade with Colombia.

Labels: Colombia, Commerce Department

As has been widely reported, President Bush yesterday announced that despite the objection of the Congressional leadership he would send to Congress legislation to implement the U.S-Colombia Trade Promotion Agreement. The text of the President's transmittal letter to Congress was released today by the White House and can be found here.

Speaking of free trade agreements, the front page of Wednesday's Washington Post business section contains a story entitled "Don't Blame NAFTA for Downturn, Many Economists Say". The story notes that most economists conclude that NAFTA has been a "net plus, if a modest one, for the U.S. economy."

Labels: Colombia, NAFTA