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Colombia and Panama Could Be Large Buyers of U.S. Soy Products

American Soybean Association Board Member Dennis Jaeger recently returned from a fact-finding mission to Colombia and Panama to study the potential benefits of the pending Free Trade Agreements with those countries and also increase the opportunity to sell U.S. soy products in both countries. Jaeger reports that the American Soybean Association as well as Colombian officials are in support of the FTA.

"ASA is a strong supporter of the free trade agreements," Jaeger said. "The opinion of the officials in Colombia was that every sector of Colombia was a very strong supporter of the free trade agreement and they want to be closer aligned with the United States."

Jaeger says implementing the pending FTAs would be extremely beneficial to the soybean industry.

"Potential benefits of the Colombian Free Trade Agreement and also the one with Panama would be increased trade," Jaeger said. "With Colombia, the oilseed industry last year amounted to approximately $287 million, and this would grow further if the Colombian Free Trade Agreement is implemented."