Answer:
Name of trade agreement United States-Colombia Trade Promotion Agreement (TPA) United States-Australia Free Trade Agreement (FTA)
Countries involved United States, Colombia United States, Australia
The goal of agreement remove trade barriers, create jobs, and enforce labor rights lower or phase out tariffs on goods
Date implemented May 15, 2012, January 1, 2005
Additional source 1 "US-Colombia Trade Promotion Agreement Now in Force!" "Australia-United States FTA: Doing Business under AUSFTA"
Additional source 2 "Why Support the US-Colombia Trade Promotion Agreement?" "The Costs of Australia's 'Free Trade' Agreement with America"
"How the US Trade Deal Undermined Australia's PBS"
Interesting fact 1 Even before this TPA, 90% of imports from Colombia entered the United States with no tariffs. The FTA sparked concerns that it would disturb the Pharmaceutical Benefits Scheme (PBS), which provides medicine at affordable prices to Australian citizens. Australians feared the FTA would give more weight to profitability than affordability.
Interesting fact 2 The cities of Houston and Miami are major exporters to Colombia. Under the FTA, Australia eliminated all tariffs for US products imported into Australia.
Interesting fact 3 Before the TPA, Colombia imposed tariffs on American corn and wheat. The FTA gives preferential treatment to US goods in the Australian market. US goods face fewer restrictions than goods from other countries.
Industries you think will benefit US agriculture will benefit because the United States can export more products than before. Australian agriculture, including meat and dairy, will benefit from access to the US market.
The pharmaceutical industry may benefit if it is allowed to increase product prices.
Industries you think will be harmed Colombian agriculture will have to compete with the highly subsidized US agricultural industry. Colombian farmers will become poorer. The Australian manufacturing sector may be harmed because lower labor and environmental standards in the United States may put Australian manufacturers at a disadvantage. Their jobs may be outsourced to the United States.
Why you think the agreement will benefit or harm the economy overall The TPA will be harmful to the Colombian economy if it puts thousands of farmers out of work. The FTA may have a moderate and unevenly beneficial impact on the Australian economy.
