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This is the first of such Agreements with a developed country, where consumers can get goods and services from domestic producers at preferential conditions. The new FTA, originally approved in 2010, also marks Colombia&rsquo s first free trade agreement in North America.
The Minister of Trade, Industry, and Tourism, Sergio Diaz-Granados, said this is an unprecedented event and highlighted the effect it will have on the country's economic growth and on job creation. Indeed, Canada generates 2.6 percent of world GDP, and Colombia now offers it a market of 33 million more consumers.
The possibilities provided by the Agreement, in terms of exports, will positively impact products such as sugar, processed rice, cereals, oils and fats, and textiles and clothing, among others. As for producers of biofuels, flowers, textiles and garments, all of which are major job creators, the doors will now open to the Canadian market, so this means that these exports will enter duty-free once the FTA enters into force.
Domestic consumers and businesses will also benefit from the entry of products which Colombia already has to import. It is expected that, along with wheat, Colombian imports will grow for vegetables, fruits and nuts, barley, cattle and meat products, paper, and various minerals, all of which will benefit consumers.
As for the issue of investment, it is now possible to attract new Canadian investment in strategic sectors with high added value, especially in telecommunications, financial services, and mining. PROCOLOMBIA identified specific opportunities, both in public procurement and in the export of products of high potential, such as consulting services, telemedicine, call centers, online translation service, data processing, computer services and related software services, telecommunications, and design, among others.
