US Lower House vote on tariff preferences may help advance trade accords with Colombia, Panama and South Korea

Stalled free-trade agreements with South Korea, Colombia and Panama may advance after the US House of Representatives voted to renew tariff preferences on goods from developing nations that expired last year.

The legislation would exclude duties on imports such as silver jewelry, radial tires and raw materials from 129 nations through July 2013.

The bill, approved yesterday by voice vote, also provides refunds of tariffs paid this year on imports that were duty-free until the preferences lapsed in December. The measure moves to the Senate.

Original source: Bloomberg