With 70 votes in favor and 21 against, the Colombian House of Representatives approved the initiative that will put into effect the Free Trade Agreement (FTA) with Israel.
"This agreement is especially beneficial for the agricultural and agroindustrial sectors," said the Minister of Commerce, Industry and Tourism (Mincit), Maria Claudia Lacouture.
The official stressed that Israel had already completed its internal approval procedures, and that the agreement would come into effect when Colombia completes its requirements.
The trade agreement provides, among other things, that 97% of Colombia's agricultural and agro-industrial exports will have immediate access to the Israeli market.
Meanwhile, 99% of the industrial products will have free access immediately. In the five years following the entry into force of the FTA, the taxes of the remaining 1% will be eliminated.
The agreement also facilitates cooperation in areas such as the technological development of agriculture, the capacity to innovate and the development of new technologies in telecommunications, public health and the environment.
During the first quarter of the year, Colombia exported to Israel 61.1 million dollars, 6.6 million of which corresponded to non-mining energy goods. In 2016 sales to that destination reached 276 million dollars.
Source: marcotradenews.com