Finalized U.S.-Colombia FTA holds strong promise for economic growth
On April 7, President Barack Obama and Colombian President Juan Manuel Santos met in Washington, D.C. to strategize about enhancing Colombian labor rights. To Boeing CEO Jim McNerney, the finalized U.S.-Colombia Free Trade Agreement represents a giant leap forward in the economic recovery of the United States.
According to a White House press release, “The U.S.-Colombia Trade Agreement (FTA) will expand U.S. goods exports alone by more than $1.1 billion and give key U.S. goods and services duty-free access in sectors from manufacturing to agriculture. It will increase U.S. GDP by $2.5 billion and support thousands of additional U.S. jobs.”
Although the U.S.-Colombia FTA was originally signed on Nov. 22, 2006, it has been stalled due to widespread violence throughout Colombia. To prevent violence in the future, the Colombian government will enact various measures, including reforming its Criminal Code to outlaw actions threatening workers’ rights.
McNerney believes the finalized agreement between the United States and Colombia has strong implications for U.S. businesses. “It demonstrates a strong commitment to reengage our international trade agenda at a critical time for our economy,” he said in a statement. “We urge the administration and the Congress to work together for the rapid passage of this agreement, and those pending for South Korea and Panama.”
McNerney continued, “These agreements will benefit America’s workers, companies and communities, because they eliminate numerous impediments to the sale of U.S. goods and services in key markets and put us on a level playing field with competitors who already have such agreements in place. FTAs like these will spur job-creating growth in U.S. exports at a time when the U.S. economy is still on the road to full economic recovery and will signal continuing leadership by the U.S. in developing a global free-trading system.”