The next step in the FTA process for Colombia will be President Bush’s formal notification to the U.S. Congress of his intent to enter into an FTA with that country. That will trigger a 90-days “holdover period” before the FTA can be signed and submitted for Congressional consideration. Because this 90-days holdover period is already in process with regard to the proposed Peru FTA, it is unclear at this time whether the Administration will send the Peru and Colombia agreements to Congress for separate consideration or whether the two countries (and possible Ecuador, if those negotiations conclude in short order) will be folded into a single package. In either case, it now appears likely that Congress will consider the proposed agreement(s) sometime this summer.

On a separate front, the U.S. Trade Representative also announced that he has recommended to the President that the Central American Free Trade Agreement (CAFTA) be formally implemented as between the U.S. and El Salvador on March 1. President Bush is expected to accept that recommendation, and issue a formal Presidential Proclamation for implementation, in the next day or two. Implementation of the free trade agreement with the remaining signatory countries – Costa Rica, the Dominican Republic, Guatemala, Honduras and Nicaragua – is scheduled to occur on a “rolling basis” as the U.S. certifies that these countries have made the requisite changes to their respective domestic laws.