On Bauer Business Focus — A conversation on U.S.-Colombia trade relations with Andrew Schneider, business reporter for KUHF 88.7 FM.
Upon its implementation, the United States-Colombia Trade Promotion Agreement eliminated duties on 80 percent of U.S. exports of consumer and industrial products to Colombia. Since then, both nations have already seen a positive impact, according to Carlos Urrutia, Colombian Ambassador to the United States. Urrutia, who stopped by Bauer Business Focus this week, discussed the impact the agreement has had on both countries in such a short time.
“The results of the free trade agreement are impressive,” Urrutia said. “Trade between the two nations has increased substantially. U.S. exports into the Colombian market have increased by approximately 27 percent between May and November of 2012, and Colombian exports into the U.S. market have grown by four percent.”
As trade relations continue to flourish, Texas is leading the way for many of Colombia’s exports, especially in the energy sector.
“A number of Texas companies are providing services in engineering, but Houston companies are engaged in trade with Colombia, mostly focusing on the oil industry,” Urrutia said. “Colombia is now producing a little over a million barrels a day and that requires a lot of equipment and services that Houston, and Texas, are really very well placed to supply the Colombian economy.”
Click here to hear the full interview.