Tomorrow morning the House Ways & Means Trade Subcommittee will hold a hearing on the Pending Free Trade Agreement (FTA) with Colombia, the first in a series of hearings to examine each of the three pending FTAs (the others are with Panama and Korea). William Marsh of Baker Hughes Incorporated, a NAM Member, will be testifying at the hearing.
Colombia is an important Western Hemisphere destination for U.S. manufactured goods exports. In 2010, the U.S. exported over $11 billion worth of manufactured goods to Colombia. Manufactured goods account for 85 percent of total U.S. merchandise exports to Colombia.
Small and medium manufacturers will strongly benefit from the U.S.-Colombia Agreement as over 10,000 small and medium sized companies export manufactured goods to Colombia, representing 85 percent of total U.S. exporters.
U.S. manufactured goods exports to Colombia have grown by 130% over the past five years. Last year we had a $7 billion trade surplus in manufactured goods with Colombia. Manufacturers are looking forward to the hearing tomorrow to discuss with members of the subcommittee of the tremendous economic benefits of passing this agreement as soon as possible. Every day we are losing market share and manufacturers can no longer afford for additional delays.