Last week while we were all getting ready to feast on turkey, Colombia inked another free trade deal with a country that is not us. Following up on trade liberalization pacts with Canada and China, Colombian trade minister, Luis Guillermo Plata signed a deal with the four members of the European Free Trade Association: Switzerland, Liechtenstein, Iceland and Norway.
Colombia’s goods already enter the U.S. duty free. But this summer, at the behest of organized labor, Speaker Nancy Pelosi single handily destroyed over three decades of U.S. credibility on trade by gutting the “fast track” guarantee key to U.S. Trade Promotion Authority and killing the Colombia FTA.
Now businesses from Switzerland, Liechtenstein, Iceland and Norway will join those from Canada and China that already enjoy a built in ‘tariff free’ competitive advantage over U.S. companies in the Colombian market.