rhode island and colombia - a growing partnership
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8/7/2019 Rhode Island and Colombia - A Growing Partnership
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EstimatedIncreasesinU.S.ExportsinSectors
ImportanttoRhodeIsland
Misc.Manufactures 60.1%
FabricatedMetalProducts 56.4
PrimaryMetals 44.3
Chemicals 22.6
Machinery 14.9
Computers&Electronics 8.0
Source:U.S.InternationalTradeCommission
RHODEISLANDANDCOLOMBIA–AGROWINGPARTNERSHIP
AU.S.-ColombiaTradePromotionAgreement(CTPA)hasthepotentialtoincreasebothtradeandinvestmentbetweentheUnitedStatesinColombia,improvingonanalreadystrongrelationship.In
particular,RhodeIslandstandstogainfromincreasedbusinessties,astheCTPAwillcreatejobsat
homethroughincreasedexportmarketaccessforbothgoodsandservices,reducedpricesfor
manufacturers,andanimprovedinvestmentenvironment.
AT$6.9MILLIONIN2010,COLOMBIAISRHODEISLAND’S37THLARGESTEXPORTMARKET
TotalRhodeIslandExportstoColombia(millionsofdollars)
Source:U.S.DepartmentofCommerce
UponimplementationoftheCTPA,morethan71
percentofRhodeIsland’sexportstoColombiawillbe
dutyfree.ThistariffeliminationgivesRhodeIsland
exportersacostadvantageofupto$600,000over
similarproductsexportedbycompetitorswhodonot
haveanFTAwithColombia.
WhileRhodeIslandexporterstypicallyfacetariffsof
10-15percent,94percentofColombia’sexportstothe
UnitedStatesin2010entereddutyfree.CTPAwould
leveltheplayingfieldforRhodeIslandexporters.
8/7/2019 Rhode Island and Colombia - A Growing Partnership
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10RHODEISLANDEXPORTSTHATCTPAWILLMAKEDUTYFREEIMMEDIATELY
COMPANIESWHOSEEXPORTSBECOMEDUTYFREEIMMEDIATELYUPONIMPLEMENTATIONOFCTPA
Contact:DavidThomas,Director,PublicPolicy,BusinessRoundtable
202.496.3262,[email protected]
ValueofExports Potential
Product toColombia(2010) DutySavings
Staticconverters $2,446,188 $366,928
Partsforliquidpumps 458,013 upto45,801
Glassballs 389,362 19,468
Machineryparts 212,779 10,639
Applianceswithindividualfunctions 145,482 upto14,548
Staticconverterparts 133,920 13,392
Dataprocessingmachinery 132,770 13,277
Electricalequipment 132,341 19,851
Datarecognitionmachinery 110,619 upto16,593
Dataprocessingunits 97,660 4,883
AmericanPowerConversion ,
WestKingston,exports
batteriestoColombiathat
facetariffsof15percent.
HoneywellSafetyProducts ,
Cranston,exportssafety
equipmenttoColombiathat
facestariffsof15percent.
InternationalDioxide,North
Kingstown,hasexportedto
Colombia.Itschemical
productsfaceColombian
tariffsof5-15percent.