New Colombia-Mexico FTA goes into effect

The newly negotiated free trade agreement (FTA) between Colombia and Mexico formally went into effect Aug. 1, President Juan Manuel Santos announced in Mexico. The Colombian head of state was welcomed with top military honors by Mexican President Felipe Calderon in Mexico City, where Santos made a pubic statement about the FTA. “This new treaty enters into effect today, a very significant day in trade,” Santos said. “It has great significance for further progress in strengthening our trade relations.” The former agreement, a G-3 between Colombia, Mexico and Venezuela, had to be modified to account for the withdrawal of Venezuela and for the changing economic climate.

In addition to discussing trade with Mexico, Santos also expressed Colombia’s intention to cooperate with Mexico on issued of security. “We intend that our two countries increasingly confront their challenges together because we will be more effective,” Santos told the media. Santos and Calderon signed agreements to cooperate in the fight against drug cartels, to engage in more effective bilateral trade, and to exchange information relating to infrastructure projects. (Colombia Reports, Aug. 1)

Colombia’s FTA with the United States remains pending.

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