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U.S.-Colombia Free Trade Agreement Launched
16.05.2012 14:12 "Agro Perspectiva" (Kyiv) —
With a proclamation from President Barack Obama on May 14/12, the United States entered into the U.S.-Colombia Free Trade Agreement.
The agreement ensures that more than half of all U.S. farm exports to Colombia including soybeans and soybean meal and flour will become duty-free, with virtually all of the remaining tariffs to be eliminated over the next 15 years. The agreement also provides duty free tariff rate quotas (TRQ) on soybean oil, as well as livestock and dairy exports that utilize soybean inputs.
It is to be admitted, soybeans and soybean products are the largest U.S. agricultural export commodity, totaling nearly 1.5 billion bushels in 2011, with a value of more than $22 billion. Last year, the U.S. exported more than $182 million in soybeans and soybean products to Colombia, as part of $832 million in agricultural products. The International Trade Commission (ITC) estimates that the agreement will expand overall exports to Colombia by more than $1.1 billion and support thousands of additional American jobs.
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