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Colombia on its way to free trade pact with China

Colombia Report | Wednesday, 03 October 2012

Colombia on its way to free trade pact with China

Caitlin Trent

China and Colombia begin their first steps toward a free trade agreement as well as sign several other trade agreements further promoting trade between the two countries.

Colombian Trade Minister Sergio Diaz-Granados held meetings with his Chinese counterpart Chen Deming Monday and Tuesday. Caracol Radio reported that as a result of the talks Diaz-Granados stated, "we advance then with conviction so that we have great commercial and investment opportunities between China and Colombia ahead of us."

The meeting between the two ministers also entailed the signing of a bilateral agreement on economic and technological cooperation as well as a memorandum of "understanding on strengthening trade cooperation," according to newspaper China Daily.

The China Daily also claimed that meetings between the two countries will continue, organizing a meeting for next month in China to further discuss commerce between the two countries.

Trade last year between the two countries totaled $8.23 billion, a 40% increase from the previous year, making China Colombia’s second largest trade partner. The U.S. is Colombia’s largest trade partner.

 source: Colombia Report