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On Wednesday, the United States Congress not only approved the FTA with Colombia but renewed the Andean Trade Preferences Act and Drug Eradication Act (ATPDEA), which promotes Colombian exports.
This was announced by the Head of State, in Cartagena, after learning about the decision of the U.S. Congress.
" Not only was the Free Trade Agreement approved, but also the tariff preferences known as ATPDEA were renewed, after having been suspended since February this year," said the President.
President Santos said that while the FTA with the United States enters into force, Colombian exporters will enjoy these preferences until July 2013, when the bi-national agreement will become operative.
" Very importantly, the taxes they paid since February this year, to date, will be refunded, because it was approved retroactively," stressed the Head of State upon the reactivation of the ATPDEA.
It is worth recalling that as part of the contingency plan for Colombian exporters, the Government, through its Ministry of Trade, Industry and Tourism, facilitated the delivery of soft loans through Bancóldex.
Furthermore, PROCOLOMBIA held several business matchmaking forums and plans to support the industries affected by the suspension of tariff preferences Act.
Known as ATPDEA, this preferences Act was established in 2002, retroactively, and reinforced the ATPA or Andean Trade Preference Act, which was issued in 1991 to benefit, in principle, Colombia, Bolivia and Peru, as compensation for the fight against drugs, and then spread to Ecuador.
