The White House released an action plan to advance the U.S.-Colombia Free Trade Agreement. Four fact sheets detail the benefits of the agreement for U.S. labor, trade, farmers and ranchers.
According to the White House press release, "The U.S.-Colombia Trade Agreement will expand U.S. goods exports alone by more than $1.1 billion and give key U.S. goods and services duty free access in sectors from manufacturing to agriculture. It will increase U.S. [Gross Domestic Product] by $2.5 billion and support thousands of additional U.S. jobs."
The free trade agreement with Colombia offers important short- and long-term economic benefits to U.S. rice producers, millers and exporters. Upon implementation, a duty-free tariff rate quota for 79,000 metric tons (milled equivalent basis) will be established.
Furthermore, the Colombia agreement provides that the net revenue from auctioning licenses to export under the tariff rate quota will be split evenly between the U.S. and Colombian industries. USA Rice Federation advocates that the U.S. share of these funds be used exclusively for rice research.