July 30, 2008

In 2007, the United States exported $500 million of yellow corn to Colombia. Colombia’s WTO tariff binding on yellow corn is 194 percent with applied tariff rates subject to Colombia’s prices band system under which tariffs range from zero percent up to the WTO bound rate, depending on world prices. Under the agreement, Colombia will provide immediate duty-free access through a 2.1-million ton tariff-rate quota with 5 percent annual growth. Colombia will phase-out the out-of-quota tariff of 25 percent over 12 years.

Source: Prepared by the U.S. Department of Agriculture