Trade agreement between Colombia and the United Kingdom enters into force

Trade agreement between Colombia and the United Kingdom enters into force

After completing the internal procedures, starting this June 28, Colombia and the United Kingdom put into force the Trade Agreement they signed in May 2019, and that was approved through Law 2067 of 2020.

(Colombia, the only Latin American country ‘global partner’ of NATO).

The Minister of Commerce, Industry and Tourism, María Ximena Lombana Villalba, recalled that this Agreement was brought forward to guarantee and preserve the same rules of the game that were held in commercial matters with that country within the framework of the Free Trade Agreement with the European Unionblock to which the United Kingdom belonged until December 31, 2020.

The tariff commitments acquired by the two countries are developed through Decree 894 of May 31, 2022. With the implementation of this Agreement, Colombia completes 18 Trade Agreements in force.

(G7: leaders of the richest countries show concern about the economy).

The UK is a strategic trading partner for Colombia. In 2021, trade between the two countries totaled US$934.5 million, with exports of total goods from Colombia to that destination for US$451 million, which represented 1.1% of what the country sold to the world and 10.1% of what it exported to the European market. These exports grew 19.6% compared to 2020.

Between January and April of this year, sales to that market totaled US$215.2 million, an increase of 39.5% compared to the same period in 2021. Of that total, US$133.2 million correspond to non-mining goods.

“That country has a population of 67.2 million inhabitants that grows annually by 0.6% and is characterized as a high-income society, where trends towards sustainable and responsible consumption have grown. It is a country with high purchasing power, with a GDP per capita of US$41,059, so it was necessary to maintain this preferential access for Colombian products.”, Minister Lombana said.

One of the sectors for which the United Kingdom is a relevant market is agriculture. Close to 68% of exports corresponded to this type of product, among which stand out bananas (representing close to 30% of total exports), coffee (17%), flowers (11%), Hass avocado (almost 6%). They also have an important behavior: gulupa, tilapia fillets, among other products in this sector.

Latex balloons, soluble coffee, and some medicines, among other goods, are also exported.

In terms of investment, the United Kingdom is an important investor in Colombia. Between 2002 and 2021, it accumulates investment for more than US$22.6 billion.

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