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Colombia Trade Agreement Benefits U.S. Economic and Foreign Policy Interests

April 07, 2008

Congressional approval of a trade promotion agreement with Colombia will strengthen our national security and improve our economic relationship with allies in Latin America, said AIA President and CEO Marion C. Blakey. "Congress should approve this trade promotion agreement as soon as possible," Blakey said. "This vital agreement will not only advance U.S. interests abroad and boost jobs at home, it will also underscore our nation's commitment to stability and economic prosperity in a strategically important region." President Bush submitted the U.S.-Colombia Trade Promotion Agreement to Congress on Monday, while agreements with Panama and Korea are expected to follow later this year. The U.S.-Colombia agreement will expand trade, eliminate tariffs and other barriers to goods and services, and promote economic growth. The agreement will help level the playing field for American workers and companies by immediately eliminating more than 80 percent of the country's tariffs on U.S. goods. The aerospace industry provides more than 642,000 high-paying jobs across the nation and accounted for a $57 billion positive foreign trade balance last year, the highest of any U.S. manufacturing sector. The industry exported an estimated $92.5 billion in aerospace products in 2007. AIA is a member of the Latin America Trade Coalition, a broad-based group of more than 700 U.S. companies and business organizations working to secure Congressional approval of trade agreements with Colombia and Panama.