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"UPS believes this agreement will create benefits for both the international market as well as the
domestic market. In Latin America and the Caribbean, UPS provides service to more than 50 countries
and territories through more than 335 UPS Customer Centers and operating centers and employs more
than 6,000 people. Continuing to open trade barriers in this region will enable UPS to more easily
facilitate the growing needs of trade."
-Selina Jackson, Vice President, International Public Affairs, UPS
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THE IMPORTANCE
OF THE U.S.-COLOMBIA TRADE PARTNERSHIP: REALIZING
NEW INVESTMENT POTENTIAL
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| Realizing
New Investment Potential |
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A U.S.-Colombia
Trade Partnership will drive new investment opportunities
for U.S. companies in both countries behind a
more certain and predictable environment, enhancing
their competitiveness and ability to keep jobs
in the region.
- Foreign investment:
The U.S. is the largest foreign investor in
Colombia, with an estimated $5.7 billion in
direct investment stock in 2003. This represents
25% of Colombia's global foreign direct investment.
Colombia is home to more than 220 U.S. based
firms, many of which have operated successfully
in the country for decades.
- Improved
certainty and investment protection: As
Colombia's largest foreign investor, the U.S.
is positioned to best take advantage of the
more stable and predictable investment environment
under an FTA. Not only will U.S. companies benefit
from increased and permanent market access in
both countries, but they will also gain from
improved rules in investment and intellectual
property.
- An export
platform: Key foreign investment sectors
in Colombia are in manufacturing, financial
services and mining products. Colombia's web
of current and upcoming free trade agreements
with Chile, Mexico, the Andean nations and Mercosur,
and its preferential access to the European
market make it a strong potential export platform
for U.S. companies.
- Opportunities
for U.S. inputs and jobs: As increased investment
transforms Colombia into an export platform,
this will drive exports of U.S. inputs and increase
U.S. jobs. For example, Colombian apparel exports
to the U.S. in 2003 increased by over 35% under
expanded ATPA benefits, which in turn allowed
U.S. exports to Colombia of cotton and cotton
fabrics to expand by over 65% in the same period.
- Energy: Colombia
is a significant and reliable source of energy
for the United States. As a primary investor
in Colombia's coal and oil sectors, the U.S.
has enabled Colombia to become the largest U.S.
foreign supplier of coal and its eighth largest
supplier of oil and oil related products. A
Trade Partnership will provide incentives for
new U.S. investments in Colombia's mining and
energy sectors, including an estimated 47 billion
barrels of oil yet to be developed.
- Long-term
growth: For Colombia, the increased investment
stemming from a Trade Partnership with the U.S.
will help drive long term GDP growth rates above
the current level of 3-4%. This, in turn, will
accelerate the reduction of the national unemployment
rate, which is still above 10%.
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