Acting USTR Demetrios Marantis celebrated the preliminary success of the U.S.-Colombia Free Trade Agreement on May 15, 2013, the first anniversary of its entry into force. According to USTR, exports of U.S. goods to Columbia have increased by 20 percent ($2.6 billion) compared to the year prior to implementation. The Agreement eliminated over 80 percent of tariffs on consumer and industrial products and more than half the tariffs on agricultural goods. Remaining tariffs will phase out over defined time periods. Both manufacturing and agricultural exporters have already taken advantage of the increased market access, with many products realizing significant export growth during the past year. Among manufactured goods, transportation equipment (up 61 percent, to $1.4 billion) and computer and electronic products (up 17 percent, to $2.3 billion) showed some of the largest increases. Soybeans (up 467 percent, to $118.6 million), dairy products (up 214 percent, to $24.7 million), processed foods (up 129 percent, to $694 million), and pork (up 66 percent, to $45.2 million) paced food and agricultural exports.
For more information on the Agreement's first-year impact, see USTR's fact sheet.