US President Barack Obama plans to work with Congress to establish a free-trade agreement with Colombia. As part of US stipulations to consider such a deal, the Colombian government has agreed to alter labor laws and establish protection for union organizers.
According to the US International Trade Commission (ITC), a free-trade accord will increase US exports to Colombia by $1.1 billion annually.
Following the announcement, Peoria, Illinois-based construction and mining equipment manufacturer Caterpillar Inc. praised the announcement. "Not only is Colombia one of Caterpillar's ten largest US export markets by country, but it is also one of America's closest allies. The US-Colombia Free Trade Agreement will promote US exports and support American jobs," said Caterpillar Chairman and CEO Doug Oberhelman.