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Colombia's Free Trade Agreements have enabled the country to make significant progress in its economy, as they have expanded the market of goods and services for Colombians. They also create close links with partner countries, allowing the strengthening of bilateral and regional relations.

On the other hand, this type of trade agreement allows exporters to project their businesses, compare their products with world supply, and generate more jobs. Here we explain about this topic, what is their influence in the country, and what are the agreements currently in force.

Colombia's Free Trade Agreements have enabled the country to make significant progress in its economy, as they have expanded the market of goods and services for Colombians. They also create close links with partner countries, allowing the strengthening of bilateral and regional relations.

On the other hand, this type of trade agreement allows exporters to project their businesses, compare their products with world supply, and generate more jobs. Here we explain about this topic, what is their influence in the country, and what are the agreements currently in force.

What is a free trade agreement?

The Free Trade Agreement or FTA is a regional or bilateral trade agreement, which consists of facilitating trade through the establishment of more favorable conditions for the exchange of goods and services. Its main characteristic is the elimination or reduction in tariff rates.

The purpose of these zones is to expand the market and generate benefits among the participating countries. However, this does not mean that there should be economic, social, and political integration among them.

 

Objectives of these agreements

Colombia is a country that has chosen to open up to new markets and seek out great opportunities worldwide. This, due to the benefits that free trade can generate and its impact on the country's economic growth.

For this reason, Colombia's Free Trade Agreements have been developed, which aim to increase trade and investment flows, boost bilateral economic cooperation, support the removal of tariff barriers, and foster diplomatic relations.

 

What are the current Free Trade Agreements?

Currently, Colombia has 17 agreements, which are related to different countries and groups of countries. These are the Trade Agreements in force in the country:

 

Mexico

Signed: June 13, 1994

Effective: January 1, 1995

 

El Salvador, Guatemala, and Honduras

Signed: August 9, 2007

Effective: November 12, 2009

 

Andean Community (CAN)

Signed: May 26, 1969

Effective: October 16, 1969

 

Caribbean Community (CARICOM)

Signed: July 24, 1994

Effective: January 1, 1995

 

Chile

Signed: November 27, 2006

Effective: May 8, 2009

 

EFTA States

Signed: November 25, 2008

Effective: July 1, 2011

 

Canada

Signed: November 21, 2008

Effective: August 15, 2011

 

United States

Signed: November 22, 2006

Effective: May 15, 2012

 

MERCOSUR

Signed: July 21, 2017

Effective: December 20, 2017

 

Venezuela

Signed: April 28, 2011

Effective: October 19, 2012

 

Cuba

Signed: September 15, 2000

Effective: July 10, 2001

 

European Union

Signed: June 26, 2012

Effective: November 5, 2014

 

Pacific Alliance

Signed: June 6, 2012

Effective: May 1, 2016

 

Costa Rica

Signed: May 22, 2013

Effective: July 29, 2016

 

South Korea

Signed: February 21, 2013

Effective: June 30, 2016

 

Nicaragua

Signed: March 2, 1984

Effective: September 2, 1985

 

Israel

Signed: June 1, 2017

Effective: August 11, 2020

 

This trade agreement that Colombia has with the above-mentioned countries allows exporters to take advantage of favorable trade conditions so that their products reach more international markets. We invite you to learn about the benefits of the current FTAs and keep abreast of those in process with countries like Japan and the United Kingdom.

Fecha de creación:

28
Octubre
2020