michigan and colombia - a growing partnership
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8/7/2019 Michigan and Colombia - A Growing Partnership
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EstimatedIncreasesinU.S.ExportsinSectors
ImportanttoMichigan
FabricatedMetalProducts 56.4%
Vehicles&AutoParts 43.8
ProcessedFoods 36.2
Fruits&Vegetables 31.6
Chemicals 22.6
Machinery 14.9
Source:U.S.InternationalTradeCommission
MICHIGANANDCOLOMBIA–AGROWINGPARTNERSHIP
AU.S.-ColombiaTradePromotionAgreement(CTPA)hasthepotentialtoincreasebothtradeandinvestmentbetweentheUnitedStatesinColombia,improvingonanalreadystrongrelationship.In
particular,Michiganstandstogainfromincreasedbusinessties,astheCTPAwillcreatejobsathome
throughincreasedexportmarketaccessforbothgoodsandservices,reducedpricesfor
manufacturers,andanimprovedinvestmentenvironment.
AT$136MILLIONIN2010,COLOMBIAISMICHIGAN’S29THLARGESTEXPORTMARKET
TotalMichiganExportstoColombia(millionsofdollars)
Source:U.S.DepartmentofCommerce
UponimplementationoftheCTPA,morethan20
percentofMichigan’sexportstoColombiawillbeduty
free.ThistariffeliminationgivesMichiganexportersa
costadvantageofupto$3.2millionoversimilar
productsexportedbycompetitorswhodonothavean
FTAwithColombia.
WhileMichiganexporterstypicallyfacetariffsof10-15
percent,94percentofColombia’sexportstotheUnited
Statesin2010entereddutyfree.CTPAwouldlevelthe
playingfieldforMichiganexporters.
8/7/2019 Michigan and Colombia - A Growing Partnership
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10MICHIGANEXPORTSTHATCTPAWILLMAKEDUTYFREEIMMEDIATELY
COMPANIESWHOSEEXPORTSBECOMEDUTYFREEIMMEDIATELYUPONIMPLEMENTATIONOFCTPA
Contact:DavidThomas,Director,PublicPolicy,BusinessRoundtable
202.496.3262,[email protected]
ValueofExports Potential
Product toColombia(2010) DutySavings
Celluloseethers $4,985,296 $249,265
Packagedmedication 3,062,115 upto306,212
Industrialfurnaces 2,486,986 248,699
Surface-activewashingproducts 2,247,319 449,464
Beauty&skincareproducts 1,666,115 333,223
Primarysilicones 1,110,965 upto166,645
Boringorsinkingmachinery 859,900 85,990
Electricalcircuitequipment 759,071 upto113,861
Surgicalinstruments 720,511 upto72,051
Hairproducts 702,377 140,475
AccessBusinessGroupIntl.LLC. ,Ada,
exportsfoodadditivestoColombia
thatfacetariffsof10percent.
AISConstructionEquipment ,Lansing,
exportsshovelloaderstoColombia
thatfacetariffsof10percent.
DowChemical,Midland,exports
chemicalproductstoColombiathat
facetariffsof5-15percent.
FordMotorCompany,Dearborn,
exportsautomobilepartstoColombia
thatfacetariffsof5-15percent.
PanalpinaInc.,VanBurenTownship,
exportsweldingmachinesto
Colombiathatfacetariffsof10
percent.
TriStateEquipment ,Jonesville,exports
constructionequipmenttoColombiathat
facestariffsof10percent.