Iowa and Colombia - A Growing Partnership
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EstimatedIncreasesinU.S.ExportsinSectors ImportanttoIowa Pork Products 72.3% FabricatedMetalProducts 56.4 ProcessedFoods 36.2 Chemicals 22.6 Corn 21.0 Machinery 14.9 Source:U. S.InternationalTradeCommission IOWAAND COLOMBIA–AGROWINGPARTNERSHIP AU.S.-ColombiaTradePro motionAgreement(CTPA)hasthepotentialtoincreaseboth tradeand investmentbetweentheUnitedStatesinColomb ia,improvingonanalrea dystrongrelation ship.In particular,Iowa standstogainfro mincreasedbusinessties,asth eCTPAwillcreatejobsath ome throughincr easedexportmarketaccessforbothgoodsandservices,reducedpric esfor manufacturers,andanimprovedinvestmentenvironment. AT$47MILLIONIN2010,COLOMBIAISIOWA’S45 TH LARGESTEXPORTMARKET TotalIowaExportstoColombia (millionsofdollars) Source:U.S.DepartmentofCommerce Uponimplementa tionofthe CTPA,morethan 59 percento fIowa’sexpor tstoColo mbiawillbeduty free. Thistarif feliminationg ivesIowaexp ortersacost advantage ofupto$ 3.1milliono versimilarprod ucts exportedby competitorswho donothave anFTAwith Colombia. WhileIowaexp ortersty picallyfacet ariffsof10 -15 percent, 94percento fColombia’sex portstot heUnited Statesin 2010ent eredduty free.CTPAwouldlev elthe playing fieldforIowaex porters.
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Transcript of Iowa and Colombia - A Growing Partnership
8/7/2019 Iowa and Colombia - A Growing Partnership
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EstimatedIncreasesinU.S.ExportsinSectors
ImportanttoIowa
PorkProducts 72.3%
FabricatedMetalProducts 56.4
ProcessedFoods 36.2
Chemicals 22.6
Corn 21.0
Machinery 14.9
Source:U.S.InternationalTradeCommission
IOWAANDCOLOMBIA–AGROWINGPARTNERSHIP
AU.S.-ColombiaTradePromotionAgreement(CTPA)hasthepotentialtoincreasebothtradeandinvestmentbetweentheUnitedStatesinColombia,improvingonanalreadystrongrelationship.In
particular,Iowastandstogainfromincreasedbusinessties,astheCTPAwillcreatejobsathome
throughincreasedexportmarketaccessforbothgoodsandservices,reducedpricesfor
manufacturers,andanimprovedinvestmentenvironment.
AT$47MILLIONIN2010,COLOMBIAISIOWA’S45THLARGESTEXPORTMARKET
TotalIowaExportstoColombia(millionsofdollars)
Source:U.S.DepartmentofCommerce
UponimplementationoftheCTPA,morethan59
percentofIowa’sexportstoColombiawillbedutyfree.
ThistariffeliminationgivesIowaexportersacost
advantageofupto$3.1millionoversimilarproducts
exportedbycompetitorswhodonothaveanFTAwith
Colombia.
WhileIowaexporterstypicallyfacetariffsof10-15
percent,94percentofColombia’sexportstotheUnited
Statesin2010entereddutyfree.CTPAwouldlevelthe
playingfieldforIowaexporters.
8/7/2019 Iowa and Colombia - A Growing Partnership
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10IOWAEXPORTSTHATCTPAWILLMAKEDUTYFREEIMMEDIATELY
COMPANIESWHOSEEXPORTSBECOMEDUTYFREEIMMEDIATELYUPONIMPLEMENTATIONOFCTPA
Contact:DavidThomas,Director,PublicPolicy,BusinessRoundtable
202.496.3262,[email protected]
ValueofExports Potential
Product toColombia(2010) DutySavings
Mechanicalshovels $7,174,412 $717,441
Tractors 3,169,529 475,429
Aircraftengines&parts 2,295,117 upto229,512
Boringmachinery 2,229,111 222,911
Mechanicalshovelloaders 1,442,761 144,276
Gradersandlevelers 1,067,044 106,704
Bulldozers&angledozers 1,037,957 103,796
Molybdates 800,678 80,068
Brewingordistillingwaste 788,361 118,254
Partsforderricks 679,704 33,985
APCInc.,Ankeny,exports
animalplasmastoColombia
thatfacetariffsof5percent.
IowaMoldTooling,Garner,exports
partsforderrickstoColombiathat
facetariffsof5percent.
GrainProcessingCorporation ,
Muscatine,exportsstarchesto
Colombiathatfacetariffsof28
percent.
ABAExpress,CedarRapids,exports
machinerypartstoColombiathat
facetariffsof10percent.
PioneerOverseasCorporation ,
Johnston,exportsseedgrains
toColombiathatfacetariffsof
5percent.
BridgestoneAmericas ,Des
Moines,exportsagricultural
tirestoColombiathatface
tariffsof15percent.
