Apparently the Colombia FTA is imminent. From the AP:
The U.S. and Colombia are expected to announce Wednesday a deal on a key free trade pact, three people close to the agreement said, ending a years-long stalemate over the highly-coveted pact.
An agreement appeared to come together following weeks of intense negotiations in Washington and Bogota, focused in part on Colombia strengthening its protection of unions and labor leaders.
I take this to mean that whatever was negotiated will lead to a favorable vote in the U.S. Congress. My main conclusion is that there will be relatively few significant effects. This will have no effect on Hugo Chávez, no effect on the FARC or terrorism more broadly, will likely not boost either economy significantly, and will not strongly affect the U.S. role in the region. By virtue of being blocked by congressional Democrats, the FTA has taken on exaggerated importance. Until Republicans held up the ATPDEA, Colombia had access to U.S. markets already anyway for many key exports.