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Colombia Trade Promotion Agreement
The United States-Colombia Trade Promotion Agreement, in Colombia called Tratado de Libre Comercio (TLC) entre Colombia y Estados Unidos, is a bilateral commercial treaty, whose objectives are eliminating obstacles to trade, consolidating access to goods and services and favoring private investment in and between both nations. Apart from commercial issues, it incorporates economic, insitutional, intellectual-property, labor and environmental policies, among others.
The U.S. and Colombia concluded the agreement, sometimes referred to as the "CTPA", on 23 February and finalized its text on 8 July 2006 [*]. It is currently pending ratification by the United States Congress.
Antecedents
The CTPA has an antecedent in the Andean Trade Preference and Drug Eradication Act (ATPDEA), which replaced the expired Andean Trade Preferences Act (ATPA). ATPDEA was enacted by U.S. President George W. Bush on 6 August 2002, granting Bolivia, Colombia, Ecuador and Peru preferential tariff treatment for eligible products. [*].
Ratification
On 22 November 2006 deputy U.S. Trade Representative John Veroneau signed the Agreement on behalf of the United States [*]. The agreement now faces the difficult challenge of ratification in the U.S. Congress. The Trade Act of 2002 requires the ITC to prepare a report that assesses the likely impact of proposed free trade agreements on the U.S. economy as a whole and on specific industry sectors and the interests of U.S. consumers.
See also
Peru-United States Free Trade Agreement
External links
Draft text of United States-Colombia Trade Promotion Agreement
U.S. International Trade Commission Press Release
Congressional Research Service Report on Andean Free Trade Agreement, including Peru TPA
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This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article Colombia Trade Promotion Agreement
