Bush urges Congress to approve Colombia trade pact

WASHINGTON (Reuters) - President George W. Bush on Tuesday urged Congress to move forward on a free trade deal with Colombia, saying failure to approve it was hurting U.S. businesses at a time of economic uncertainty.

"Approving this agreement would strengthen our nation's economy," Bush said at a White House event to celebrate Colombian Independence Day.

Bush said Colombian President Alvaro Uribe had proved a strong ally of the United States, and that currently the trade situation between the two countries was "one-sided" with U.S. exports facing tariffs while most Colombian products entered the United States duty free.

"And the failure to approve the free trade agreement is hurting our businesses who want to sell their products into Colombia," Bush said.

The free trade deal with Colombia has been in limbo since April when U.S. House of Representatives Speaker Nancy Pelosi, a California Democrat, rebuffed an effort by Bush to force a vote on the pact.

"Opening markets is especially important during this time of economic uncertainty," Bush said.

Another reason to show support for Colombia was the threat from its "hostile and anti-American neighbor" Venezuela which has an alliance with Cuba and provided sanctuary to the Revolutionary Armed Forces of Colombia, or FARC, Bush said.

"It is in America's interests to stand by Colombia in the face of this threat -- and the best way to do so is for Congress to allow a vote on the Colombia free trade agreement," he said.

Bush again praised Uribe for a covert military operation that freed 15 hostages, including three Americans, held for years by left-wing guerrillas. "The success of this rescue mission underscores the progress the Colombian government has made," he said.

(Reporting by Tabassum Zakaria; Editing by David Wiessler)