With the Colombia Free Trade Agreement with the U.S. now in effect, the potential for new U.S. ag sales is skyrocketing, says the American Farm Bureau Federation.
“We projected this will mean over $350 to $370-Million a year of new sales in the not too distant future of ag products now that we’re competitive,” says American Farm Bureau Trade Specialist Dave Salmonsen. He adds – it took a long time in coming. The negotiations began with Colombia eight years ago and the deal was essentially completed six years ago. In that time span, Argentina – and, just last year Canada – reached tariff agreements with the South American country.
“You know, the U.S. paved the way and showed that this could be done and what potential benefits would be, but, our process bogged down and moved so slowly that other countries took advantage of it.”
Total US exports under the Colombia FTA will grow by more than one-Billion dollars, according to government estimates.
More than half of U.S. ag products going to Columbia are now tariff-free and in the next few years tariffs will be phased out completely.
~AFBF contributed to this report~