The U.S.-Colombia CTPA Agreement will promote U.S. textile exports
On April 15, U.S. President Obama announced at the Sixth Summit of the Americas that the final obstacle to the implementation of the U.S.-Colombia Trade Promotion Agreement (CTPA) has been cleared and the agreement will be implemented on May 15, 2012. . U.S. textile industry policymakers widely believe that eliminating tariffs will expand U.S. textile exports to Colombia.
Under the terms of the agreement, effective May 15, more than 80% of U.S. consumer and industrial products are exported to Colombia, including all high-quality U.S. textile and apparel products, and more than half of U.S. agricultural exports are to Colombia due to the implementation of the CTPA and no longer be taxed. It is understood that before the implementation of the agreement, U.S. textiles and clothing exports to Colombia were levied 5% to 20% taxes.
The U.S. International Trade Commission estimates that as the CTPA takes effect, U.S. merchandise exports will increase by more than $1.1 billion and U.S. gross domestic product will increase by $2.5 billion. The Committee also noted that there are significant complementarities in the textile and apparel trade between the U.S. and Colombian economies because U.S. cotton, yarn, and fabrics exported to Colombia are manufactured in Colombia into apparel products and then shipped back to the United States, CTPA The entry into force will help promote textile trade between the two countries.
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