U.S.-Colombia Deal On IPR Treaties Paves Way For FTA Implementation

摘要

The Obama administration late last week struck a side deal with the Colombian government that cleared the way for the U.S.-Colombia free trade agreement to enter into force on May 15 even though Colombia has not formally completed all steps necessary to comply with its FTA obligations, according to informed sources. The side deal outlines punitive steps that the U.S. can take if Colombia does not fulfill in the near term its remaining obligations, which relate to its ratification of three intellectual property rights (IPR) treaties. Colombia is required to ratify those three IPR treaties under the terms of the FTA, but has not yet done so because its Constitutional Court has not yet completed its review of the treaties. The court is not expected to complete its work until the second half of this year, presenting an obstacle when it comes to swift implementation of the FTA because Colombia cannot formally ratify the treaties until the court rules they are consistent with the Colombian law.