Staying globally competitive requires your company to take advantages of the latest duty breaks and other benefits available under free trade agreements and trade preference programs. The US currently maintains 19 free trade agreement partners including, Colombia, Panama, Dominican Republic, Korea, Singapore and others.
Among the most recent agreements is the 2012 Colombian-US free trade agreement. US companies paid a 10%-30% duty on exports to Colombia prior to the agreement. Today, over 80% of US exportable products qualify for low or zero duty.
For example, US coal or rock cutter equipment required a 10% duty. On May 2012, export duties on these machines is now zero. Similarly, men’s blazer made of certain cotton blend required 20% duty prior to the free trade agreement. Today such blazers can be exported at a zero duty.
Contact Loigica International Trade Law advisers to help you determine whether your product qualifies for zero duty in Free Trade Agreement countries.
