Colombia Government Sends Canada, EFTA Free Trade Bills To Congress
Dow Jones Newswires
Colombia Government Sends Canada, EFTA Free Trade Bills To Congress
By Diana Delgado
1 April 2009
BOGOTA -(Dow Jones)- The Colombian government sent key bills to Congress Wednesday, seeking its approval of free trade agreements with Canada and the European Free Trade Association, or EFTA, the Ministry of Commerce said.
Colombia negotiated and signed separate FTA agreements last year with Canada and the EFTA, which includes the countries of Iceland, Norway, Switzerland and Liechtenstein.
Under the FTA with Canada, 97% of Colombia’s goods and 90% of its agricultural products would be exempt from tariffs in Canada, once the lawmakers of both countries endorse the treaty.
All Colombian exports of industrial goods would be exempt from tariffs in the four EFTA countries, which aren’t members of the European Union, once the lawmakers of all five countries give their approval.
In Colombia’s case, Congress must debate different elements of each treaty on four separate occasions before it becomes law.
