Economic+Alliances+and+Trade+Partners

Economic Alliances and Trade Partners


 * The United States is Colombia’s main trading partner
 * Colombia is the third largest oil exporter to the US
 * The majority of exports and imports are to and from the US
 * The US and Colombia have the **US-Colombia Trade Promotion Agreement (CTPA)**
 * It is free trade agreement between the two nations
 * Eliminates over 80% of duties on most imports of consumer and industrial products from US to Colombia
 * Signed November 22nd, 2006,


 * Colombia is part of the World Trade Organization (WTO), and will soon sign the Information Technology Assessment (ITA)
 * The ITA aims to minimize all taxes and tariffs on information technology products
 * Only signatories receive these tax cuts


 * Colombia is part of the **G3 Free-Trade Agreement** between Colombia, Mexico, and Venezuela
 * Came into effect January 1, 1995
 * Creates an extended market between the nations
 * States a 10% tariff reduction between the nations


 * Main export partners:
 * 42% to US
 * 12.6% to EU
 * 5.2% to China
 * 4.5% to Ecuador


 * Main import partners:
 * 25.5% to US
 * 13.4% to China
 * 9.4% to Mexico
 * 5.9% to Brazil
 * 4.1% to Germany