« Panama: Convention Center Tender | Main | House Approves Colombia, Panama, South Korea Trade Deals »
Thursday
Oct132011

Congress Approves Free Trade Agreements with Colombia, Panama & South Korea. Now What?

Last night, both the House of Representatives and the Senate approved the Colombia, Panama and South Korea free trade agreements.

The FTAs were signed in 2006-2007, but congressional approval for implementation had been delayed due to various domestic interests.  They were finally endorsed yesterday with fairly comfortable margins, though as expected, a large majority of Democrats in the House voted against the Colombia FTA due to ongoing concerns about labor rights protections. President Obama is expected to sign the agreements sometime next week.

While actual implementation may take several months to complete, companies can now prepare to take advantage of these economy-boosting preferential trade programs.  According to the International Trade Commission, the Colombia FTA will expand exports of U.S. goods alone by more than $1.1 billion while the Korea FTA promises to add $10 billion to annual merchandise exports to Korea. While Panama is a smaller market, the Panama FTA will eventually eliminate all tariffs on U.S. industrial and agricultural goods, and will open Panama's market to immediate duty-free status on 88% of U.S. commercial and industrial exports, and over 50% of U.S. farm exports, to Panama. Duty free treatment on approximately 80% of qualifying imports into the U.S. from each of the three countries will also apply upon implementation.

In addition to the FTAs, on Oct. 12 Congress approved a reauthorization and extension of the Generalized System of Preferences (GSP) and the Andean Trade Preference Act (ATPA) through July 31, 2013.  The renewal of these programs, which expired earlier this year, will also allow importers to recoup duties that have been paid on qualifying imports made since their expiration, provided a sufficient request for refunds proving eligibility is filed with U.S. Customs and Border Protection within 180 days of liquidation.  Moving forward, both Colombia and Panama will be removed as eligible countries under the ATPA and the Caribbean Basin Economic Recovery Act (CBERA) programs once their respective FTAs enter into force.

These FTAs and trade preference programs will provide greater market access and substantial duty savings for U.S. exporters and importers that can navigate the technical details of each agreement. To learn more about how you can benefit from these developments, please contact Michael Ross at mross@A7trade.com.

PrintView Printer Friendly Version

EmailEmail Article to Friend

References (33)

References allow you to track sources for this article, as well as articles that were written in response to this article.
  • Response
    serrurerie paris 5 er
  • Response
    Response: agen bola euro
    Altitude 7 Trade - News - Congress Approves Free Trade Agreements with Colombia, Panama & South Korea. Now What?
  • Response
    Altitude 7 Trade - News - Congress Approves Free Trade Agreements with Colombia, Panama & South Korea. Now What?
  • Response
    Response: sbobet online
    Altitude 7 Trade - News - Congress Approves Free Trade Agreements with Colombia, Panama & South Korea. Now What?
  • Response
    Altitude 7 Trade - News - Congress Approves Free Trade Agreements with Colombia, Panama & South Korea. Now What?
  • Response
    Altitude 7 Trade - News - Congress Approves Free Trade Agreements with Colombia, Panama & South Korea. Now What?
  • Response
    Response: agen judi bola
    Altitude 7 Trade - News - Congress Approves Free Trade Agreements with Colombia, Panama & South Korea. Now What?
  • Response
    Altitude 7 Trade - News - Congress Approves Free Trade Agreements with Colombia, Panama & South Korea. Now What?
  • Response
    Altitude 7 Trade - News - Congress Approves Free Trade Agreements with Colombia, Panama & South Korea. Now What?
  • Response
    Altitude 7 Trade - News - Congress Approves Free Trade Agreements with Colombia, Panama & South Korea. Now What?
  • Response
    Response: situs agen sbobet
    Altitude 7 Trade - News - Congress Approves Free Trade Agreements with Colombia, Panama & South Korea. Now What?
  • Response
    Altitude 7 Trade - News - Congress Approves Free Trade Agreements with Colombia, Panama & South Korea. Now What?
  • Response
    Altitude 7 Trade - News - Congress Approves Free Trade Agreements with Colombia, Panama & South Korea. Now What?
  • Response
    Altitude 7 Trade - News - Congress Approves Free Trade Agreements with Colombia, Panama & South Korea. Now What?
  • Response
    Response: bandar judi bola
    Altitude 7 Trade - News - Congress Approves Free Trade Agreements with Colombia, Panama & South Korea. Now What?
  • Response
    Altitude 7 Trade - News - Congress Approves Free Trade Agreements with Colombia, Panama & South Korea. Now What?
  • Response
    Altitude 7 Trade - News - Congress Approves Free Trade Agreements with Colombia, Panama & South Korea. Now What?
  • Response
    Altitude 7 Trade - News - Congress Approves Free Trade Agreements with Colombia, Panama & South Korea. Now What?
  • Response
    Altitude 7 Trade - News - Congress Approves Free Trade Agreements with Colombia, Panama & South Korea. Now What?
  • Response
    Altitude 7 Trade - News - Congress Approves Free Trade Agreements with Colombia, Panama & South Korea. Now What?
  • Response
    Altitude 7 Trade - News - Congress Approves Free Trade Agreements with Colombia, Panama & South Korea. Now What?
  • Response
    Altitude 7 Trade - News - Congress Approves Free Trade Agreements with Colombia, Panama & South Korea. Now What?
  • Response
    Altitude 7 Trade - News - Congress Approves Free Trade Agreements with Colombia, Panama & South Korea. Now What?
  • Response
    Response: bursa taruhan bola
    Altitude 7 Trade - News - Congress Approves Free Trade Agreements with Colombia, Panama & South Korea. Now What?
  • Response
    Altitude 7 Trade - News - Congress Approves Free Trade Agreements with Colombia, Panama & South Korea. Now What?
  • Response
    Altitude 7 Trade - News - Congress Approves Free Trade Agreements with Colombia, Panama & South Korea. Now What?
  • Response
    Altitude 7 Trade - News - Congress Approves Free Trade Agreements with Colombia, Panama & South Korea. Now What?
  • Response
    Response: agen poker
    Altitude 7 Trade - News - Congress Approves Free Trade Agreements with Colombia, Panama & South Korea. Now What?
  • Response
    Altitude 7 Trade - News - Congress Approves Free Trade Agreements with Colombia, Panama & South Korea. Now What?
  • Response
    Altitude 7 Trade - News - Congress Approves Free Trade Agreements with Colombia, Panama & South Korea. Now What?
  • Response
    Altitude 7 Trade - News - Congress Approves Free Trade Agreements with Colombia, Panama & South Korea. Now What?
  • Response
    Altitude 7 Trade - News - Congress Approves Free Trade Agreements with Colombia, Panama & South Korea. Now What?
  • Response

Reader Comments

There are no comments for this journal entry. To create a new comment, use the form below.

PostPost a New Comment

Enter your information below to add a new comment.

My response is on my own website »
Author Email (optional):
Author URL (optional):
Post:
 
Some HTML allowed: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <code> <em> <i> <strike> <strong>