Mining & Heavy Equipment Big Biz for US
As discussed in our previous blogs, the US-Colombia Free trade agreement (CFTA) eliminates 80% of duties on US exports of both industrial
products and consumer goods to Colombia. Prior to the CFTA, Americans paid 15 to 30% in duties. According to a US Department of Commerce report, Colombia is increasing its production of gold, nickel, emeralds, and other minerals, and is developing a mineral exploration plan that covers 120,000 square kilometers of promising areas of the country. The report indicates Colombia holds coal reserves of 6.6 billion metric tons and 4.5 billion tons of indicated reserves.
This creates big business opportunities
for manufacturers and distributors of American-made heavy machinery. The opportunities include infrastructure development to manage the flow of heavy machinery, and sale of mining equipment. Colombia will require machinery that provides eco-friendly dredging, drilling, recovery, transportation, excavation machinery, bulldozers and the like. Under the CFTA your heavy machinery may be eligible for duty-free export into Colombia.
Contact LOIGICA today to speak to an international law advisor on how to export your heavy machinery to Colombia and other parts of South America.