ABOUT TRADE PACTS
South Korea: Eliminates tariffs for nearly two-thirds of U.S. agricultural products entering South Korea. Eliminates tariffs on 95 percent of U.S. consumer and industrial products within five years. U.S. exports increase: $9.7 billion to $10.9 billion. South Korea exports increase: $6.4 billion to $6.9 billion.
Colombia: Eliminates tariffs on 87 percent of U.S. consumer and industrial products (excluding petroleum) within five years. Provides new access for U.S. companies in Colombia. U.S. exports increase: $1.1 billion. Colombia exports increase: $487 million.
Panama: Eliminates tariffs on most computers and agricultural and construction products. Makes it easier for U.S. businesses to participate in the $5.25 billion Panama Canal expansion and $5 billion in infrastructure projects starting by 2014. Specific export figures not available for Panama, but U.S. exports to Panama are expected to increase as much as 145 percent. Most of Panama's U.S. exports already enter duty-free.
