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Importance of the Trade Agreement

Importance of the Trade Agreement
The Trade Agreement implies a new trade relationship, moving forward from a unilateral scenario in which Colombia had a GSP+ scheme where some Colombian products had tariff preferences until 31 December 2013. 
The Trade Agreement is important for the European Union because: 
  • It opens the door to European industrial and fishery products exported to Colombia and results in tariff reduction for agricultural goods. 
  • It greatly improves access by European companies to the Colombian Government procurement market and for investment.
  • Considering the new Trade Agreement, conditions have been established regarding tariff preferences, which include matters related to competition, transparency and intellectual property. The Agreement also includes a chapter on cooperation between countries by promoting competition and innovation and the modernization of production, and facilitating trade and technology transfer. 
  • This agreement will provide a more stable environment for workers given that solid bases will be in place under the ILO Declaration on Fundamental Principles and Rights at Work.  Moreover, through this Agreement Colombia ratifies its commitment to uphold human rights.