Colombia-Canada FTA to take effect

BOGOTA, Aug. 10 (Xinhua) -- The free trade agreement (FTA) between Colombia and Canada will take effect Monday, visiting Canadian Prime Minister Stephen Joseph Harper announced here Wednesday.

During his talks with Colombian President Juan Manuel Santos in the Colombian capital Bogota, Harper expressed optimism about the opportunities the FTA could bring.

"Colombia is a key partner, especially in making our people more prosperous and opening new markets," he said.

Colombia, the fifth largest economy in Latin America, is the second-largest market in the region for Canadian exporters. Bilateral commerce has increased significantly in the past five years, especially in the oil and mining sectors.

Over 60 Canadian companies from various sectors are already operating in Colombia. Thanks to the efforts of the Colombian government, confidence in foreign investors has been boosted in the country, Harper said.

The deal with Colombia is part of the Canadian efforts to diversify its trade with over 20 countries in the region, the prime minister said.

Colombia is also a partner of Canada in promoting democracy and human rights, he added.

President Santos welcomed Harper's remarks.

"The Colombian potential for the Canadian market is huge and vice versa. That can achieve synergy and we expect benefits in terms of employment," Santos said.

"In our fight against poverty, this agreement helps us to finance our economy," he said.

The two countries began FTA negotiations in 2007 and signed the deal in 2008. The agreement, passing the Canadian Senate in 2010, is the first of its kind between Colombia and a Group of Eight (G8) industrialized country.

Other topics discussed by the two leaders included possible cooperation on climate change and environment and their expectations for the Summit of the Americas to be held in Cartagena in April 2012.

Colombia is the second leg of Harper's Latin America tour, which began in Brazil on Monday.

August 10, 2011

Source: Xinhua News