Talks progressing smoothly with a deal being clinched highly likely
CARICOM and Colombia have resumed trade talks with the distinct possibility of a deal being clinched very soon.
The talks have been progressing very smoothly with news coming out of the discourse suggesting that the parties made advances on a number of trade matter. They are seeking to tie up a new deal seeking to deepen the Partial Scope Agreement, which has been in force since 1995.
During this first meeting, CARICOM member countries and Colombia discussed mutual requests regarding commerce, current sensitivities, and agreed to alternately advance meetings of health ministries on both sides to advance in the admissibility of products of interest.
Trade between Colombia and CARICOM reached US$870 million in 2021, of which Colombia’s exports were US$616 million. In the first four months of 2022, Colombia exported US$158.4 million into CARICOM, including US $90.7 million of mining and energy products.
Commenting on the trade talks with CARICOM, Colombia’s Minister of Commerce, Industry and Tourism, María Ximena Lombana Villalba remarked: “We hope to increase access to the markets that are part of this group, both in agricultural and industrial products. This deepening is part of our strategy to take advantage of trade agreements and strategic markets.”
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