In August 2013, the Free Trade Agreement between Colombia and the European Union was established. The main objectives of the FTA (Free Trade Agreement) were to cutback of trade barriers, further the development of the Andean region and its economic growth, especially the improvement of the living conditions, and to reduce poverty in the region.
Now, six years later, there is data to analyze the effects of implementing a more open relationship between the two parties. The Colombian Chamber of Commerce, in cooperation with the European Union, organized an event Friday, October 25th in Bogotá to examine the outcomes of the FTA (Free Trade Agreement).
Before the ratification of the agreement, critics voiced complaints pointed at problems of human rights violations and environmental protection in the Andean country. Participants of the Bogotá event emphasized the improvement of these two aspects as a positive result of the agreement.
According to Eurostat numbers, free trade between the two regions has grown within the last 6 years to exceed a total trade volume of 11 billion Euros in 2018. The most important exports from Colombia to the EU were coal, bananas, coffee, oil, and palm oil. On the whole, conference participants agreed the FTA (Free Trade Agreement) led to the diversification of Colombian exports and facilitated access to the European market.
Moreover, the European Union has become one of the major investors in the region supporting the peace process and local companies. European investment has aided in the transfer of technology and expertise, especially in the agricultural sector. A particularly strong relationship has emerged between Colombia and European Union member the Netherlands with Dutch companies creating 18,000 local jobs in Colombia.
If you’re considering a business expansion to Colombia but not certain where to begin, contact Ongresso for a free consultation.
Customer Relations Manager
My work as Customer Relations Manager, I am completing my master’s degree in business management at the Universidad del Rosario in cooperation with the Mainz University of Applied Sciences. My daily tasks as a direct contact person for our customers are quite varied, so I am enthusiastic about bringing together people from different backgrounds and cultures every day thanks to the active support of our team.