U.S. Soy Exports to Colombia Should Increase The U.S.-Colombia free trade agreement (FTA) was implemented on 15 May. Under the terms of the agreement, Colombia immediately eliminated its tariffs on soybeans, soymeal and soy flour. It also established a duty-free tariff rate quota (TRQ) of 31,200 MT of crude soybean oil. The TRQ on crude will grow by 4 percent per year and the 24 percent tariff rate on crude soyoil imports above the TRQ will be phased out over 10 years. The 24 percent tariff on refined soyoil will be phased out over the next five years. Colombia's price-band tariff system also is eliminated for imports of U.S. soy.Implementation of the FTA should result in a substantial increase in U.S. soybean, soymeal and soyoil exports...