Dow Chemical applauds progress on US free trade deal with Colombia

07 April 2011 15:34  [Source: ICIS news]

TORONTO (ICIS)--Dow Chemical on Thursday commended the US and Colombia on the progress they achieved in reaching a bilateral free trade agreement.

Dow said a trade deal between the two countries would remove 90% of current tariffs assessed to its more than $200m (€140m) in US-manufactured goods exported to Colombia.

The US government this week completed revisions to the long-pending US free trade agreement (FTA) with Colombia, clearing the way for its anticipated approval by Congress.

As a major chemicals producer in both the US and Colombia, Dow sees a bilateral trade deal between the two countries as “a significant step forward,” it said.

"We congratulate both administrations for their work and urge the US administration and Congress to move forward quickly on a positive vote to approve this agreement – and to continue to grow our bilateral economic partnership," Dow CEO Andrew Liveris said.

"Commitment to move forward is a critical component of the US National Export Initiative and a strategic recognition of Colombia's vital partnership with the US," he added.

Liveris is a member of US President Barack Obama’s Export Council.

The trade agreement would sharply reduce and generally eliminate Colombian tariffs on a broad range of US exports, including sales of fertilisers, agrochemicals and some synthetic textiles, ICIS reported.

($1 = €0.70)

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By: Stefan Baumgarten
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