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US, Colombia ink free trade accord
Aljazeera Net
President Bush is seeking Congressional approval for trade pacts with several countries
AFP
WASHINGTON
Petroleumworld.com 11 23 06
US and Colombian officials signed a free trade agreement Wednesday in a bid to free up the two countries' multibillion-dollar trading relationship in goods and services.
The agreement, which was signed at the InterAmerican Development Bank in Washington by Deputy US Trade Representative John Veroneau and Colombian Commerce Minister Jorge Humberto Botero, will require a final approval by the US Congress, however.
The accord seeks to eliminate tariffs and other barriers to trade in goods and services between the United States and Colombia.
Opposition Democrats recently re-took control of the US Congress, however, and Democratic lawmakers have said they will undertake a very detailed review of such trade pacts, especially with regard to labor rights.
The Republican administration of US President George W. Bush praised the signing of the trade deal.
"The agreement will deepen and strengthen our trade ties by providing new opportunities for US businesses, manufacturers, farmers and ranchers to export their goods and services to one of Latin Americas most robust economies," Veroneau said in a statement.
US goods exports to Colombia totaled nearly 5.5 billion dollars in 2005. Two-way trade between the two nations during 2005 amounted to 14.3 billion dollars.
Colombia is currently the 31st largest US goods trading partner.
AFP 22 1658 GMT 11 06
Copyright© 2006 AFP. All Rights Reserved.
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