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Obama, Colombia Enter Into Free Trade

(Filed Under Financial and General Interest News). The White House announced Wednesday that the Obama administration has reached a free trade agreement with Colombia, and expects it to support thousands of U.S. jobs and increase U.S. gross domestic product value by $2.5 billion if approved by Congress.

President Obama agreed to the deal after addressing labor concerns with the government of Colombia. This resulted in an action plan related to labor rights, which will “lead to greatly enhanced labor rights in Colombia and clear the way for the U.S.-Colombia Trade Agreement to move forward to Congress,” the White House said in a statement.

The White House said that the agreement will expand U.S. good exports by over $1.1 billion and give key services and goods in sectors including manufacturing duty-free access.

Among others in the business company, the American Apparel & Footwear Association (AAFA) praised the announcement. “Since 2006, this solid agreement has languished in uncertainty,” Kevin Burke, president of the association, said in a statement. “I am very pleased that negotiators from both countries have been able to find solutions to the issues that have prevented American families, American workers and American companies from realizing the benefits of this free trade agreement […] Upon its implementation, this trade agreement provides U.S. companies unfettered access to nearly 45 billion consumers. In addition, the U.S. textile, apparel and footwear industries, along with our workers and consumers, stand to benefit from improved and permanent two-way trade flows.”

more Financial and General Interest News >>

Published 04-06-2011 by Amanda Torres Price

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