US Medical Equipment, Big Business in Colombia

Posted by Harry Tapias on March 12, 2013
86492307US Medical Equipment, Big Business in Colombia

According to a Colombia Embassy report, approximately 98% of

US medical equipment exports to Colombia are eligible for duty free treatment. Prior to the 2012 US-Colombian free trade agreement, some US medical exports faced 15% in tariffs. According to the same report, the US exported $274 million in medical equipment on average from 2008 to 2010. Now, the 2012 free trade agreement represents millions of dollars saved and should spur an increase in US exports.

Exporters of medical equipment and of other equipment need to ensure their exports are FTA-ready to benefit from duty free access to Colombia. According to the free trade agreement, a good is eligible for preferential treatment when it is produce entirely or wholly obtained in the US or in Colombia, or is a mix of originating materials of both countries. Exceptions exist depending on the type of good, and in some cases, non-originating material contained within the product may not disqualify the export from preferential treatment if it is below a certain threshold.

To learn more please contact LOIGICA at info@loigica.com.

Topics: Agreement, Business Law, CFTA, Colombia, Equipment, Free, Medical, Trade, Other