Trade Agreement Between China And Colombia

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Oil accounts for 77.8 percent of Colombia`s exports to China and nearly doubled between 2017 and 2018, from $US 2.2 billion to $4 billion, according to figures from the National Administrative Division of Statistics. Metals and ferronickels account for 18.6%, with the remaining 5.5% consisting of coffee, sugar and crude glycerin. For fully multilateral agreements (not listed below), see the list of multilateral free trade agreements. Santos` visit in 2012 promised to focus on agriculture and value-creating industrial products that can contribute to the development of the Colombian landscape. During the visit to Beijing, Santos announced the first steps towards a free trade agreement with China, which never saw the light of day. The chapter of the 2016 peace agreement with the FARC guerrilla group, focused on rural development, highlighted the need to electrify conflict-affected areas. Duque criticized the deal and fought ahead with it during his 2018 presidential bid. The Eurasian Economic Union, composed of Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan, has concluded the following free trade agreements, see below. In recent years, market observers have recognized a strong potential for strengthening trade relations between Colombia and China. As many know, China is the world`s second-largest economy.

Colombia is the fourth largest economy in Latin America. Such a coupling offers powerful trade channels for exporters and importers who, over Colombia.In past decade, all Latin American economies have become accustomed to receiving Chinese investment and trade attention. China is the largest trading partner of Brazil, Chile and Peru. In this context, Brazil received $66 billion in Chinese investment, Peru $25 billion and Chile $9 billion. China`s trade with Latin America rose from $US 12 billion in 2000 to 225 billion $US in 2016, according to Jason Marczak, director of the Atlantic Council. We see the potential of a stronger context for colombia-China trade relations and the opportunities for multinationals to enter the market. There is therefore a great chance to take advantage of the growing bilateral partnership between Colombia and China to promote tourism and cultural and academic exchanges between the two countries. In fact, David Mauricio Castrillon, a professor at the Universidad Externado de Colombia, observed that Chinese investment in Colombia`s small industries, such as hotels and consumer goods industries, has increased. Colombian President Ivan Duque and his Chinese counterpart Xi Jinping agreed wednesday in Beijing on strengthening bilateral relations by signing 12 bilateral agreements in areas such as judicial cooperation, trade, agriculture, education and customs. . . .


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