New EU–Colombia trade avenue created
The European Union and Colombia open a new chapter of trade relations this month when a comprehensive agreement comes into effect – and Cambridge UK companies operating in technology or other business segments are being urged to cash in.
Estimated to save businesses on both sides of the Atlantic around €500 million annually in tariffs alone, the deal is hoped to further boost bilateral trade between the 28 nation bloc and Latin America’s third largest economy – worth €14 billion in 2012.
Karel De Gucht, EU Commissioner for Trade said: “I do hope that companies on both sides will take full advantage of the many opportunities the deal offers. Let’s use this trade agreement as a springboard for a closer growth-based relationship between the EU and the Andean region.”
Respect for the rule of law, human rights, transparency and effective implementation of international conventions on workers’ rights and environmental protection are also included as part of the new pact.
With a growing economy worth $511.1 billion, a population of 47.7 million and rated as the world’s 45th easiest place to do business (World Bank) business relationships, technology transfer and trade should be made easier thanks to the new partnership.
Colombia’s foremost imports include industrial and transportation equipment, consumer goods, chemicals, paper products, fuels and electricity. The EU is currently the South American country’s third largest source of imports.
International Free Trade Agreements can be a major source of new business for companies interested in selling their goods or services abroad.
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