China, Colombia Initiate Free Trade Talks

Colombian President Juan Manuel Santos has welcomed the conclusion of a total of nine cooperation agreements with China during a recent official visit to Beijing, where it was agreed that the two countries would commence discussions on the feasibility of a bilateral free trade agreement (FTA).

Welcoming the initiation of negotiations, one year following his visit to Japan to discuss a trade deal, Santos highlighted the importance of Colombia's trade relationship with China.

Santos said: “China has given us positive signals, as we received in Japan last year. Here in China, we [have agreed to] initiate the study of an FTA. In Colombia we want to attract Chinese investment," and in return increase Colombian market access. "This will translate into more jobs for Colombians and that is our fundamental purpose. We are hopeful the signals we have received are going to give much importance to this visit."

According to Santos, Colombia is in particular eager to gain greater access to the Chinese market for its livestock sector, as well as boost bilateral trade and investment in energy and minerals, among other areas.

May 11, 2012

Source: Tax News