Colombia’s free trade pact with EU comes into force

A free trade agreement signed between Colombia and the EU earlier this year came into effect on Thursday (August 1, 203). According to the EU, the agreement “provides juridical stability to the commercial relations between the parties, generates new job opportunities subject to international labor standards, offers a favorable and beneficial framework for the generation of productive investments and respects multilateral standards and agreements on environmental protection and human rights.”

In the agreement, Colombia and the EU ratified multiple international covenants on human rights. The covenants were on civil and political rights, the protection of the rights of migrant workers, the elimination of all forms of racial discrimination, the prevention of torture or degrading treatment and the prevention and the punishment of the crime of genocide, among others.

According to the EU, the agreement provides numerous benefits to Colombians.

“It will deliver jobs and growth at home that will ensure the economy keeps growing, provide tariff free access to EU markets for key agricultural products including sugar, flowers, coffee, bananas and other fruit and beef, whilst protecting sensitive products such as pork, poultry, corn and rice. It will also build partnerships with international actors that can support Colombia’s progress in promoting human rights and trade union rights at home and abroad” among others.

“The agreement will bring measurable benefits to all parties, promoting growth and jobs and increasing the global competitiveness of the European Union and Colombia” added the EU.

Colombia currently has eight trade agreements with 16 countries, while agreements are currently being negotiated with Turkey, Israel, Costa Rica, Panama and the Pacific Alliance.

Source: Colombia Reports

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