U.S.-Colombia Free Trade Agreement Becomes Effective May 15th

(News Brief by Shanken News Daily) The U.S.-Colombia Free Trade Agreement, which becomes effective May 15, will open an emerging market to U.S. spirits exporters. Colombia’s current 15% tariff on U.S. produced brandy, gin, liqueurs and certain other spirits will be eliminated on that date. Looking ahead, the 15% tariff on U.S. whiskey, rum and vodka will be reduced to 14% in 2014 and lowered by 2% annually after that, until it is completely eliminated. Colombia will also recognize Bourbon and Tennessee whiskey as distinctive products of the United States. U.S. exports to Colombia increased by 10% last year to $1.3 million, according to the Distilled Spirits Council.