8/7/2019 New Mexico and Colombia - A Growing Partnership

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EstimatedIncreasesinU.S.ExportsinSectors

ImportanttoNewMexico

FabricatedMetalProducts 56.4%

Non-MetallicMineralProducts 41.4

ProcessedFoods 36.2

Chemicals 22.6

Petroleum&CoalProducts 14.5

Computers&Electronics 8.0

Source:U.S.InternationalTradeCommission

 

NEWMEXICOANDCOLOMBIA–AGROWINGPARTNERSHIP

AU.S.-ColombiaTradePromotionAgreement(CTPA)hasthepotentialtoincreasebothtradeandinvestmentbetweentheUnitedStatesinColombia,improvingonanalreadystrongrelationship.In

particular,NewMexicostandstogainfromincreasedbusinessties,astheCTPAwillcreatejobsat

homethroughincreasedexportmarketaccessforbothgoodsandservices,reducedpricesfor

manufacturers,andanimprovedinvestmentenvironment.

AT$1.3MILLIONIN2010,COLOMBIAISNEWMEXICO’S57THLARGESTEXPORTMARKET

TotalNewMexicoExportstoColombia(millionsofdollars)

Source:U.S.DepartmentofCommerce

UponimplementationoftheCTPA,morethan64

 percentofNewMexico’sexportstoColombiawillbe

dutyfree.ThistariffeliminationgivesNewMexico

exportersacostadvantageofupto$80,000over

similarproductsexportedbycompetitorswhodonot

haveanFTAwithColombia.

WhileNewMexicoexporterstypicallyfacetariffsof

10-15percent,94percentofColombia’sexportstothe

UnitedStatesin2010entereddutyfree.CTPAwould

leveltheplayingfieldforNewMexicoexporters.

8/7/2019 New Mexico and Colombia - A Growing Partnership

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10NEWMEXICOEXPORTSTHATCTPAWILLMAKEDUTYFREEIMMEDIATELY

NEWMEXICOCOMPANIESWHOSEEXPORTSWOULDBENEFITFROMCTPA

Contact:DavidThomas,Director,PublicPolicy,BusinessRoundtable

202.496.3262,dthomas@brt.org

ValueofExports Potential

Product toColombia(2010) DutySavings

Nickelpowdersandflakes $309,960 $15,498

Calciumchloride 213,139 21,314

Datatransmissionunits 72,571 upto10,886

Electricmotors 67,393 upto10,109

Tents 34,572 6,914

Telephones 25,123 upto3,768

Partsforderricks 22,750 1,138

Articlesofironorsteel 21,723 upto3,258

Opticalfibercables 17,130 857

Sacksandbagsofpolymers 12,942 2,588

BellavistaTradingServices,SantaTeresa,

exportsinsulatedcablestoColombiathat

facetariffsof15percent.CTPAeliminates

thosetariffsimmediately.

WallColmonoy,LosLunas,exportsweldingpowderstoColombiathatfacetariffsof10

percent.CTPAeliminatesthosetariffseither

immediatelyorwithin10years.

ColombiaisanimportantmarketfornumerousNewMexicoproducts.For

example,Colombiaaccountedfor100

 percent ofNewMexicoexportsof certain

 paperboardand furnaceburnersin2010.