A new trade agreement between Colombia and Venezuela was put into play on Friday allowing for duty-free exports between the countries.
The agreement includes around 4,921 products from Colombia and 4,713 from Venezuela. From Friday, 91% of Colombian exports will not pay duty with tariff preferences on 100% of historic trade.
A list of 111 sensitive Colombian products with preferential margins including many meat, sugar, confectionery, foods, plants, dairy, and bakery products along with live animals will maintain duty-free access to the Venezuelan market.
The Colombian minister for trade industry and tourism Sergio Diaz-Granados, said the agreement “will start a new stage in bilateral relations.”
Trade with Venezuela recorded a surplus of $1,348 million from January until August 2012, and Venezuela is now the fourth biggest importer of Colombian products.
According to Diaz-Granados, “this is a major milestone in the strengthening of the relationship with Venezuela besides maintaining the best possible access to Colombian exporters and providing security in their business.”
