Colombia Us Trade Agreements

Imports from Colombia have increased significantly since 1996, from $4.27 billion in 1996 to $8.85 billion in 2005, an increase of 107 per cent. The United States` trade deficit with Colombia amounted to $3.43 billion in 2005. [1] Since the end of 2006, US products have been burdened with more than $3.4 billion in Colombian tariffs and duties, which would otherwise have been eliminated by the free trade agreement. [7] The U.S. International Trade Commission estimates that the agreement would increase U.S. exports to Colombia by an additional $1.1 billion per year. [8] Colombia, which then joined Peru and Ecuador, in which Bolivia participated as an observer, opened free trade negotiations with the United States on May 18, 2004.