US, Colombia agree on amendments to free trade agreement
AFX News Limited
US, Colombia agree on amendments to free trade agreement
28 June 2007
WASHINGTON (Thomson Financial) - The US and Colombia reached agreement today on amendments to a bilateral free-trade accord sought by the Democratic-controlled Congress, the US government said.
The agreement with Colombia follows a similar deal with Peru on Monday in which the South American countries have renegotiated free trade pacts to take into account a May agreement between the President George W Bush’s Republican administration and Congress.
The amendments to the pact agreed with Colombia in November 2006, demanded by the Democratic majority in Congress, offer guarantees of labour rights and environmental protection.
The Bush administration is pushing to conclude four amended free-trade agreements — the other two are with Panama and South Korea — before the expiration Saturday of its so-called ’fast-track’ trade negotiating authority.
Under the Trade Promotion Authority (TPA) awarded by Congress, the administration can negotiate trade agreements which only can be approved or rejected by Congress, but not amended.
Democrats, who wrested control of Congress in January largely on a voter backlash against Bush and the Iraq war, are eager to reclaim the legislature’s constitutional authority in trade negotiations.
An amended agreement is expected to be signed on Thursday with Panama, and with South Korea on Saturday, US Trade Representative Susan Schwab said in a statement.
