On June 21, 2010, Bill C-2 (An Act to implement the Free Trade Agreement between Canada and the Republic of Colombia, the Agreement on the Environment between Canada and the Republic of Colombia and the Agreement on Labour Cooperation between Canada and the Republic of Colombia) passed Third Reading in the Senate and was given Royal Assent. The Canadian Chamber of Commerce has been instrumental in calling upon government to conclude FTAs that further open doors to markets and new opportunities for Canadian business.

The issue
Trade represents two-thirds of Canada’s economy, and our businesses rely on free, rules-based trade and access to international markets. The Canadian Chamber has called for the federal government to complement our focus on Canada-U.S. exchanges with the pursuit of bilateral trade and investment agreements with other markets, including Colombia. Colombia is a dynamic emerging market with 44 million people and an economy with strong growth potential. In 2008, two-way merchandise trade between Canada and Colombia surpassed $1.3 billion, and a growing number of Canadian companies are doing business there. Colombia is also a strategic destination for Canadian direct investment, in areas such as mining, oil exploration, printing and education.

What we got for you
The Canada-Colombia FTA will increase Canadian access to numerous sectors in Colombia, including oil and gas, mining, agriculture, printing, industrial products, heavy machinery and education. With Canadian merchandise exports to Colombia having surpassed $703 million in 2008, the FTA further levels the playing field for Canadian companies at a time when global competitors have or are concluding trade agreements of their own with Colombia.

How does this benefit me?
Colombia is a dynamic emerging market. Beyond the immediate tangible benefit of greater Canadian access to Colombian markets, the agreement will strengthen our economic ties with both Colombia and Latin America beyond.