Canada is a trading nation, with a long-standing history of fostering trade relationships with countries across the world. One such country that Canada has established a trade relationship with is Colombia. However, the question remains, does Canada have a free trade agreement with Colombia?
The answer to this question is yes. In 2008, Canada and Colombia signed a free trade agreement (FTA) that came into effect on August 15, 2011. This agreement has been hailed by both countries as a significant milestone in their economic relationship.
The Canada-Colombia FTA covers a wide range of sectors, including agriculture, manufacturing, and services. The agreement`s primary objective is to facilitate trade between the two countries by reducing tariffs and other trade barriers.
Under the FTA, Canada and Colombia have committed to the following:
1. Elimination of tariffs: The agreement eliminates tariffs on a vast majority of Canadian exports to Colombia, including agricultural products, industrial goods, and consumer products. Similarly, Colombia has eliminated tariffs on more than 98% of Canadian exports to the country.
2. Improved market access: The FTA provides Canadian businesses with improved access to the Colombian market, particularly in the areas of services, investments, and government procurement.
3. Protection of intellectual property: The agreement includes provisions that protect intellectual property rights, including patents, trademarks, and copyrights.
4. Labor and environmental standards: The FTA includes provisions that require both countries to uphold labor and environmental standards. These provisions ensure that businesses operating in both countries respect fundamental human rights, including the right to collective bargaining and freedom of association.
In conclusion, the Canada-Colombia FTA exists, and it has been in effect since 2011. The agreement has helped to strengthen the economic relationship between the two countries and has provided new opportunities for Canadian businesses to access the Colombian market. With a commitment to improving trade relations between Canada and Colombia, this FTA is poised to play a significant role in shaping the economic future of both countries.