Colombia and the United Kingdom have agreed to give continuity to their current commercial relationship, in force since 2013, as the internal procedures for the implementation of the commercial agreement both countries signed in May 2019 have not ended and will last beyond December 31, the date on which the United Kingdom will cease to be part of the European Union.
Thus, the tax reduction schedule and other current rights and obligations will remain in force until the new bilateral Agreement enters into force. Consequently, foreign trade procedures and operations will continue with the same requirements and obligations in force to date.
The new FTA signed in May 2019 was already approved by Congress and is now on its way to the Constitutional Court for its final internal validation.
The United Kingdom is an important trading partner for Colombia, stated the Ministry of Commerce, Industry, and Tourism. In 2019, trade between the two countries totaled 1.046 billion dollars. Colombian exports to the UK totaled 470 million, i.e. 10.2% of what the country exported to the European market.
Agricultural and agro-industrial products, such as bananas and fruits, accounted for 65% of Colombian exports.
In 2019 the United Kingdom invested 1.077,7 billion dollars in Colombia and in the first six months of this year they invested an additional 251.6 million. This ranks the UK as the world's sixth-biggest investor country in Colombia and its second-biggest European investor country.