Congress Passes FTA Bills, President Expected to Sign
On October 12, 2011, both the House and Senate passed legislation to implement the free trade agreements with Korea, Colombia, and Panama. The bills will now go to the President, who is expected to sign them into law.
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House Rejected Attempt to Add House China Currency to Colombia FTA Bill
Prior to passage of the Colombia FTA bill, the House rejected an attempt by Ways and Means Committee Ranking Member Levin (D-MI) to add his China currency bill (H.R. 639) to the legislation.
USTR Says FTAs Will Enter into Force Only if Trade Partners are Meeting Commitments
In a statement, U.S. Trade Representative Kirk said that the Administration has been clear that once approved by Congress, the FTAs will enter into force only if the trading partners are meeting their commitments. Kirk states that the USTR will immediately begin the work to bring the FTAs into force as soon as possible.
(Both the KORUS implementing bill and the GSP/MPF/TAA bill include provisions to raise the merchandise processing fee (MPF). In addition, the KORUS and Colombia bills include provisions to extend the MPF for formal and informal entries into 2021. See ITT's Online Archives 11101111, for summary of the Merchandise Processing Fee provisions in these bills.
See ITT’s Online Archives 11100417 for summary noting that the Colombia FTA bill contains a retroactive renewal of the Andean Trade Preference Act/Andean Trade Promotion and Drug Eradication Act (ATPA/ATPDEA) through July 31, 2013.
See ITT’s Online Archives 11100617 for summary of the availability of product duty rates for Korea, Colombia, and Panama FTAs.)
Camp and Brady Statement on passage of FTA bills available here
USTR Kirk press release on passage of FTA bills available here
Levin press release on his attempt to link China currency to Colombia FTA bill available here