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The U.S. — Colombia Trade Promotion Agreement (CTPA) takes effect today, May 15, 2012.
Starting today, 80% of U.S. exports of consumer and industrial products will enter the Colombian market duty free, eliminating tariffs that range on average from 7-15%. Under the CTPA, 70% of agricultural exports will enter duty-free with the remaining tariffs to be eliminated over 15 years. The CTPA also gives U.S. service providers new access to Colombia's $166 million services market, including logistics, telecommunications, education and health care.
Why Should Your Company Consider Exporting?
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Growth strategy in line with actual demographics:
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2/3 of the world's purchasing power and 95% of all consumers live outside the United States;
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Exporting companies grow 2.4 times faster than non-exporting companies;
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Your competition is doing it:
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The United States exports only 1% of its manufactured goods (last in the world);
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Germany exports 65%;
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Small and medium-sized enterprises (SMEs) successfully compete in foreign markets:
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Wisconsin has the most manufacturing SMEs in the United States – SEMEs are companies with fewer than 500 employees;
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SMEs make up 87% of the exporting firms in Wisconsin;
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Increasing exports = more jobs here at home.
Why Export to Colombia?
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Timing:
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Colombia is an emerging market; competition is not yet fierce;
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Your European competitors do not have a trade agreement with Colombia but will soon;
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Market:
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Rapidly-growing market of $45 million consumers;
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Third largest economy in South America;
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Affinity for U.S. goods, quality products;
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Location:
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Strategic gateway to South America;
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Easy shipping: Ports on both the Caribbean and Pacific;
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Same business hours: Central Standard Time;
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Two and half hour flight from Miami to Bogotá.
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