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LATIN AMERICA ADVISOR

LATIN AMERICA ADVISOR

A daily publication Of the dialogue

January 30, 2023

Is the Colombia-U.S. Trade Pact Living Up to Its Promises?

The United States and Colombia have had a free trade agreement in place for more than a decade. But the accord has its critics, including Colombian President Gustavo Petro. // File Photo: Colombian Government.

Q

  • The governments of Colombia and the United States will hold talks in May to revise aspects of their bilateral free trade agreement, according to Colombia Reports. The treaty, which last year marked 10 years since going into effect, has allowed U.S. companies greater access to Colombian markets. However, critics, which include leftist President Gustavo Petro, say that rural communities and small farmers in the Andean nation have been left behind. Has well has the United States-Colombia Trade Promotion Agreement served both countries? What have been the biggest pros and cons for stakeholders to result from the deal? What sort of revisions to the pact might be expected?

A

Frank Samolis, partner and co-chair of the international trade group at Squire Patton Boggs in Washington: “The U.S.-Colombia Trade Promotion Agreement entered into force on May 15, 2012. It is a comprehensive free trade agreement (FTA) between the United States and Colombia, which will eventually eliminate tariffs and other barriers to trade in goods and services. In October 2022, both countries laid out a plan that places new emphasis on capacity building to help Colombian small- and medium-sized enterprises. In a joint statement, the countries stated that the FTA’s Trade Capacity Building Committee will meet for the first time ever to ‘discuss cooperation opportunities for capacity building in order to help Colombian SMEs enter global supply chains and enhance their participation in bilateral trade.’ In addition, the statement said that the two countries share…”

Top News

Germany’s Scholz Touts Trade in South America
After visiting Argentina and Chile this weekend, Germany’s Chancellor is scheduled to meet with Brazilian President Luiz Inácio Lula da Silva today.
U.S. Aims to Help Economies in Latin America
The U.S. government said Friday that it would begin negotiations with 11 countries, most of which are in Latin America and the Caribbean, on an agreement to promote regional economic cooperation.
Peru’s President Calls for Early Elections
Peruvian President Dina Boluarte said Sunday that Peru’s Congress should advance national elections to take place this year in mid-October and proposed that the next Congress reform the Andean nation’s 1993 Constitution. // Photo: Peruvian Government.

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The Inter-American Dialogue publishes the Latin America Advisor every business day for a distinguished membership of informed corporate leaders, scholars, and government officials invested in Latin America’s development and future. The Advisor‘s highly regarded Q&A section covers questions submitted by subscribers themselves. Commentators regularly include heads of state, business leaders, diplomats, economists, analysts, and thought leaders from around the world. Many of the world’s largest and fastest-growing companies subscribe to the Advisor. To subscribe, click here. For terms and conditions, click here. For more information, contact Gene Kuleta, editor of the Advisor, at gkuleta@thedialogue.org.
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Merike Blofield
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Joyce Chang
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Nicolas Mariscal
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Ernesto Revilla
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Gustavo Roosen
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Andrés Rozental
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