Colombia asked the U.S. to extend their current trade agreement, which expires in 20 days, because the proposed free trade agreement (FTA) between the two nations remains frozen.
Colombian Minister for Commerce, Industry and Trade Luis Guillermo Plata said that Colombia had requested a two year extension of the existing Andean Trade Preferences and Drug Eradication Act (ATPDEA).
U.S. Congress agreed to an extension but only for one year, Portfolio.com.co reported Friday.
Plata stated that while Colombia sought an extension of the ATPDEA, a bilateral FTA with the U.S. remains its priority.
The ATPDEA grants Colombia, Peru, Ecuador and Bolivia tariff-free to the U.S. market for a range of products.
Plata added that there will be no further developments in an FTA with Canada this year amid Canadian concerns about human rights abuses in Colombia. However the minster said he was confident that the agreement would be approved early next year.
