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Wed Nov 21, 2012, 10:21 PM

Colombia begins new trade agreement with Venezuela


Colombia begins new trade agreement with Venezuela .Friday, 19 October 2012 08:43 Joey O'Gorman ..Tags:EconomyFree TradeFtaSergio Diaz GranadosVenezuela

A new trade agreement between Colombia and Venezuela was put into play on Friday allowing for duty-free exports between the countries.

The agreement includes around 4,921 products from Colombia and 4,713 from Venezuela. From Friday, 91% of Colombian exports will not pay duty with tariff preferences on 100% of historic trade.

A list of 111 sensitive Colombian products with preferential margins including many meat, sugar, confectionery, foods, plants, dairy, and bakery products along with live animals will maintain duty-free access to the Venezuelan market.

Trade with Venezuela recorded a surplus of $1,348 million from January until August 2012, and Venezuela is now the fourth biggest importer of Colombian products.

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