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The United States-Colombia Trade Promotion Agreement (CTPA) (Tratado de Libre Comercio entre Colombia y Estados Unidos (TLC)), is a bilateral free trade agreement between the United States and Colombia. Sometimes called the Colombia Free Trade Agreement, it was signed on November 22, 2006, by Deputy U.S. Trade Representative John Veroneau and Colombian Minister of Trade, Industry, and Tourism Jorge Humberto Botero. CTPA is a comprehensive agreement that will eliminate tariffs and other barriers to trade in goods and services between the United States and Colombia. |
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The United States is Colombia’s leading trading partner. In 2005, 39% of Colombia’s exports went to the United States, and 29% of Colombia’s imports were supplied by the United States. The second most significant trading partner for Colombia is Venezuela, accounting for 7% of Colombia’s imports and 10% of Colombia’s exports. Other significant trading partners for Colombia are Mexico, Ecuador, Germany, and Brazil. Colombia accounts for less than 1% of total U.S. trade. Colombia is the 28th largest U.S. export market ($5.41 billion in 2005) and the 31st largest source of U.S. imports ($8.85 billion in 2005). The dominant U.S. import item from Colombia is crude oil (38% of U.S. imports from Colombia in 2005), followed by coal, other petroleum oils, precious and semi-precious stones, coffee, tea, and flowers and plants. |
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The agreement was signed on November 22, 2006, was submitted to the Colombian Congress by President Álvaro Uribe on November 30, 2006. The Bill was debated and voted in a joint session on April 25, 2007. The House Floor approved it on June 5, 2007 (Yeas 85 Nays 10) and the Senate Floor vote on June 14, 2007 (Yeas 55 Nays 3). Finally, the CTPA became public law - Ley 143 - on July 4, 2007. The Protocol of Amendment, signed on June 28, 2007, was submitted to the Colombian Congress by, Uribe on July 20 of 2007. The Bill was approved in a joint session on August 29, 2007 and voted by the House Floor on September 25, 2007 (Yeas 84 - Nays 3). After, the Senate Floor approved the Bill on October 30, 2007 (Yeas 54 - Nays 16). Finally, the Protocol of Amendment became public Law - Ley 1116- on November 21, 2007. |
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NEWS
