Final Colombia FTA Regulations Include Changes from Proposed Rule
U.S. Customs and Border Protection has issued a final rule that, effective Oct. 31, will amend its regulations to implement the preferential tariff treatment and other customs-related provisions of the U.S.-Colombia Free Trade Agreement. This rule addresses issues such as the procedure for claiming preferential treatment under the FTA, rules of origin and recordkeeping. Changes from the proposed rule include the following.
- All records and documents necessary to demonstrate that a good qualifies for preferential treatment under this FTA must be retained for at least five years after the date of importation.
- Post-importation claims may be filed by paper or by the method specified for equivalent reporting via an authorized electronic data interchange system.
- Certain exception language is removed to clarify the rules for determining the value of a material for purposes of calculating the regional value content of a good and applying the de minimis rules.
- The term “repairs or alterations” does not include an operation or process that transforms an unfinished good into a finished good.