Colombia’s Congress on Tuesday passed bills to implement a free-trade accord with the U.S., advancing the agreement ahead of President Barack Obama’s visit this weekend for the Summit of the Americas.
The Senate and lower house passed the legislation last night, Colombia’s trade ministry said in an e-mailed statement today. The deal, projected to increase U.S. exports by as much as $1.1 billion a year when in full effect, won U.S. approval in October after Colombia pledged to strengthen protection of labor unions. Caterpillar Inc. (CAT) and General Electric Co. (GE) are among the accord’s biggest backers.
The agreement may enable Colombia to boost exports, including oil, metals and cut flowers, to the U.S. and will immediately eliminate duties once in effect on more than 80 percent of U.S. consumer and industrial products exports to Colombia, with remaining tariffs phased out over 10 years.
The U.S. exported $14.3 billion in goods to Colombia last year and imported $23.1 billion, according to the U.S. Commerce Department.
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