Image
Photo flickr / Victor Magdic
Certain that the Free Trade Agreement (FTA) will be a tool for business and investment growth, the executive director of the Canada &ndash Colombia Chamber of Commerce, Maria Angelica Cuellar, announced a strategy for diffusion, regarding the opportunities that the FTA will bring.
The organization is currently preparing a series of activities that will be held in several parts of the country. The activities include seminars, consultations, and market studies, among others, which are aimed at supporting small and medium industries.
According to the director, various sources of growth have been identified, in terms of investment and trade, which will impact the businesses affiliated with the entity.
This, for Ms. Cuellar, is an important step towards strengthening integration between the two countries in addition, since the FTA is with a developed economy, it will provide Colombia with the double benefit of generating prosperity and wealth and facilitating market entry for Colombian companies.
In her view, given that the two nations have complementary economies, the opportunities will be diverse, which will open the chance for Colombia to diversify its exportable supply, as well as facilitate new flows of Canadian capital and strengthen Canadian confidence in Colombia.
What impact will the FTA have for those businesses affiliated with the Canada &ndash Colombia Chamber of Commerce?
Without a doubt, the FTA opens a window of opportunities for the Colombian market and, especially, for the various members of the Chamber, which include businesses of the sectors of agriculture, foods, mining, oil and gas, banking, telecommunications, airlines, education, consultancy, legal services and auditing, among others.
This Agreement will give Colombia access to the second largest importer, per capita, in the world (over 34 million people), which purchases imports at a level of US$ 406.4 billion.
In addition, the FTA gives immediate relief for 97% of exportable supply to Canada. It is predicted that the FTA will solidify new Canadian investments in strategic Colombian sectors of high added value, particularly in the sectors of telecommunications, financial services, and mining.
According to the work agenda that has been develop, what sectors show the most possibilities?
Many sectors will benefit with the FTA. These include oils and fats, foods, sugar, nonalcoholic beverages, cacao, cigarettes, confectionery, flowers, fresh fruits, concentrated proteins, baked goods, fresh vegetables as well as manufactured goods, such as auto parts, car batteries, brake pads, plastics, ceramics, items for personal hygiene ceramic, marble, and stone flooring fiber glass and electrical insulators, yarn and synthetic fibers, suits for men, undergarments, bath and bathing attire, leather articles, and household items, such as decorations, cleaning supplies, personal care products, and toys.
What precisely is the Chamber doing so that the FTA benefits the Colombian productive sector?
It is orientating and disseminating information through various activities in the main cities of Colombia, so that MSMEs will have clarity, as to the advantages and benefits that the Agreement offers.
We have arrangements with different organisms, in addition to those affiliated with the Chamber, to realize these seminars on the topic. Moreover, the work of the regional Chambers, in fomenting relations between the two countries, should be highlighted. The next step is to present, on our website, the activities that we are currently developing.
It should also be noted that the Colombian Canadian Dialog, an event where we traditionally inform Colombian business about the best practices utilized in Canada, will be held in November 2011. The event will host various Canadian experts in the subjects of Corporative Social Responsibility and in human rights, as it relates to the mining & energy industry. This year&rsquo s theme will be the FTA and its three additional Agreements, which concern the environment, labor cooperation, and human rights.
Does the Chamber possess any studies that show the projected impacts of the FTA on both countries?
We are currently working on this subject with one of our affiliates.
Considering the great expectations that many Colombians have for the FTA, what do Canadians hope to gain?
For Canada, Colombia is a high priority partner, not only in terms of trade relations, but also in respect to advancing social issues and human rights. In addition, there is interest in providing capital to the industries of the mining and hydrocarbon sectors. This, of course, is of great importance to the development and growth of Colombia&rsquo s economy. So, what is clear is that the FTA will generate great opportunities for both parties.
Colombia has a great potential in the area of services, especially in health tourism. What does this mean for Canada, and what agenda could be developed to obtain maximum benefits in this field?
This is a subject of great importance, given that the sector can bring benefits to both countries, in terms of quality of Colombian professionals in the field of medicine, so we are currently developing programs for this sector.
Within the framework of the FTA, what can Colombia expect in the area of cooperation?
Colombia can expect the strengthening of arrangements in education, training, technology transfer, Canadian best practices, and certifications, among others.
