News and Analysis • Volume 12 • Number 22 • 18th June 2008
EFTA States and Colombia Wrap up Free Trade Negotiations
The member states of the European Free Trade Association (EFTA) - Iceland, Liechtenstein, Norway and Switzerland - concluded negotiations for a free trade agreement (FTA) with Colombia on 12 June in Crans-Montana, Switzerland.
According to the EFTA Secretariat, the trade deal, which has been under negotiation for roughly one year, will “improve market access for industrial goods, agricultural products and fish as well as for service providers and investors.” The Secretariat also claims that the deal will “give enhanced access to government procurement contracts and will include provisions on intellectual property rights, competition, transparency, dispute settlement, and cooperation.”
EFTA had conducted negotiations jointly with Colombia and Peru through April of this year, at which point the discussions were into separate negotiating courses so as to bring both deals to a close. The finalisation of the EFTA pact with Peru is expected in the latter half of the year.
Merchandise trade between Colombia and the EFTA nations amounted to over US$700 million in 2007. EFTA exports to Colombia were valued at US$270 million last year, and consist mainly of pharmaceuticals, chemicals and machinery. The major goods imported to the EFTA nations from Colombia include precious stones, metals, coffee and fruit.
Aside from agreements with the EU, EFTA has concluded 16 FTAs worldwide. Pending legal review of the English and Spanish texts, the FTA with Colombia will be the trade bloc’s third such agreement with a Latin American country.
ICTSD reporting; “EFTA and Colombia conclude free trade negotiations,” EFTA, 12 June 2008; “EFTA and Colombia conclude free trade negotiations,” BILATERALS, 16 June 2008.