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TSCRA Daily News Update, April 25, 2008
President says Colombia agreement will boost small business In a speech given April 23 in honor of National Small Business Week, President Bush said as many as 9,000 American businesses–mostly mid-sized and small businesses–that export to Colombia would benefit if Congress were to pass the U.S. Colombia Trade Promotion Agreement. "I believe that it's in our interests to open up markets for U.S. products and goods and services," said the President. "I also know it's in our interest to say to the world, treat us the way we treat you." President Bush explained that the current trade relationship with Colombia, based on the Andean Trade Preference Act, allows 90 percent of all imports from Colombia to enter the U.S. market duty free. By contrast, Colombia's average duty on imports from the U.S. is more than 50 percent for key agricultural exports. "Now, doesn't it make sense to say to Colombia, we value our friendship, but we would like to be treated the way we treat you?" asked the President. "And that's what the Colombia free trade agreement says…This is a bill that is beneficial to our small businesses and mid-sized businesses. It makes eminent sense to level the playing field." Cattlemen remain firm in their commitment to the U.S.-Colombia Trade Promotion Agreement and believe it is one of the best-negotiated free trade agreements for U.S. beef to date. The agreement will provide immediate duty-free access to U.S. prime and choice beef and will remove all other tariffs on beef products over 15 years. Once fully implemented, the Colombian market has potential to equal roughly $10-$20 million a year for the U.S. beef industry.
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