Colombia-UK Trade Agreement Entered Into Force

On June 28, the trade agreement between the United Kingdom and Colombia became effective. Negotiations concluded in 2019 after the contract was signed and approved by Law 2067 of 2020.

This agreement was made to maintain the same tariff preferences that Colombia had with the United Kingdom when it was part of the European Union, a bloc with which a Free Trade Agreement (FTA) exists.

The tariff commitments acquired by the two countries will be implemented through Decree 894 of May 31, 2022.

Trade between both countries

The United Kingdom constitutes a significant Market for Colombia’s agricultural sector and, simultaneously, a major investor. Trade between the two countries reached US$934.5 million last year.

Colombia’s total exports of goods to the UK amounted to US$451 million, representing 10.1% of shipments to the European Market. About 68% of this corresponds to products from the agricultural sector, where bananas top the list with 30% of total exports, followed by coffee (17%), flowers (11%), and Hass avocado (6%). In smaller percentages, Colombia exports gulupa fruit, tilapia, latex balloons, instant coffee, and medicines to the United Kingdom.

According to data from the Ministry of Trade, Industry, and Tourism, between 2002 and 2021, the UK accumulated more than US$22.6 billion in investments in Colombia. In 2021, the United Kingdom, with a total of US$1,024 million, ranked sixth among foreign investors in Colombia.

Through this agreement, Colombia fulfilled 18 trade agreements to date.

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