Israel Colombia Free Trade Agreement

The first round of negotiations for a free trade agreement between Colombia and Israel was held in Jerusalem, Israel, from 12 to 15 March 2012. The second round took place from 4 to 7 June 2012 in Bogota, Colombia. The third round took place in Jerusalem from 10 to 13 September 2012. The fourth round was held in Bogota from 26 to 29 November 2012 and the fifth round of negotiations in Jerusalem from 7 to 11 April 2013. On 10 June 2013, Colombia and Israel signed a joint declaration in Jerusalem on the formal conclusion of their free trade negotiations. The free trade agreement between Colombia and Israel was signed on 30 September 2013. The free trade agreement between Colombia and Israel entered into force on August 11, 2020. The long-awaited Free Trade Agreement (FTA) between Colombia and Israel is finally in force. Although the negotiation process began in March 2012, the free trade agreement was signed in September 2014, after five rounds of negotiations that ended in June 2013. However, it took eight years for the agreement to enter into force definitively for both parties on August 11, 2020. Ivan Duque made the announcement during a video conference with Prime Minister Benjamin Netanyahu, which marked the ratification of a free trade agreement between the two countries. It is important to note that this is the first free trade agreement in which Israel contains commitments on trade in services and investment.

Provisions on financial services, telecommunications and the temporary entry of services have been introduced. In addition, the agreement prohibits quantitative restrictions on assets, operations, personnel and measures aimed, inter alia, at improving the recognition of professional qualifications and licences. Colombia will open a trade and innovation office in Jerusalem, the country`s president announced Monday. The agreement was signed in the presence of the Ministers of Economy and Trade of the countries: Sergio Díaz Granados and Nafatlí Bennet. It is important to emphasize that, as part of the agreement, Colombia will withdraw industrial goods from Israel in order to adapt the Colombian market to the new commercial agents that will enter the country. In this regard, 69.5% of industrial customs lines will enter Colombia tax-free upon the entry into force of the free trade agreement. The remaining percentages should be adapted over time in order to achieve the agreed targets. The agreement is Colombia`s first free trade agreement with a Middle Eastern country and will allow 97 percent of Colombian products to enter the Israeli market duty-free. For example, Colombia`s positive trade balance of $281 million with Israel for the year 2019 should be taken into account, given that Colombian exports to Israel ($366 million) were four times higher than Israeli imports into Colombia ($85 million). [1] During the video conference, Israeli Prime Minister Benjamin Netanyahu and Colombian President Ivan Duque announced the conclusion of the ratification of the free trade agreement between the two countries. The Israeli-Colombian agreement was first signed in September 2013 and will enter into force on Tuesday. The volume of foreign trade between the parties is traditionally very limited, especially since their trade relations are mainly based on coal exports.

In 2019, mining products accounted for 92% of all Colombian exports to Israel, while Israel (in the same year) mainly exported machinery and equipment, agrochemical fertilizers and chemicals, as well as plastic resins. For example, Colombia`s positive trade balance of $281 million with Israel for the year 2019 should be taken into account if we consider that Colombian exports to Israel ($366 million) were four times higher than Israeli imports into Colombia ($85 million). [1] The agreement is now being transmitted to the legislature of both countries, which are expected to ratify the free trade agreement. . . .