Under terms of the newly announced free-trade agreement between the U.S. and Colombia, more than 80% of U.S. exports of consumer and industrial products to Colombia will be free of duties upon implementation and the remaining tariffs will be phased out over 10 years, according to information released by U.S. Trade Representative Rob Portman. Textiles and apparel will be duty and quota free, if they meet CAFTA's rules of origin. The agreement also calls for the U.S. and Colombia not to impose customs duties on digital products transmitted electronically.
The agreement must be approved by Congress before it can be implemented.
Separately, on Feb. 28, U.S. President George W. Bush issued a proclamation allowing El Salvador to implement terms of the seven-nation CAFTA free-trade pact, beginning March 1, 2006. El Salvador was the first country to ratify the agreement.
