The trade agreement between Colombia and the United Kingdom was endorsed by the Constitutional Court, which will maintain the same tariff preferences for domestic products in that country that have been granted since 2013.
The European country entered into force for 11 years the Free Trade Agreement (FTA) with the European Union, but let us remember that the United Kingdom belonged to that bloc until December 21, 2020.
The Ministry of Commerce indicated that they will define the final date on which this bilateral agreement will be implemented. From that moment and until when this asset is active, the relief schedule and the other rights and obligations contained in the FTA with the European bloc will be in effect.
Colombia exports to this destination bananas, coffee, hass avocado, flowers, gulupa, tilapia fillets, among other products in this sector. Latex balloons, soluble coffee, and some medicines are also sold.
It should be noted that the United Kingdom is a relevant market for products in the agricultural sector. Of the 451 million dollars that Colombia exported to that destination in 2021, representing 10% of what was exported to Europe, 68% corresponded to this class of goods.
In 2021, exports of Colombia's non-mining energy basket (goods+services) totaled US $25,827 million, which means an increase of 26.5% compared to 2020.
This result originates from last year's exports of services, in the order of US$7,641 million, 30.9% higher than that exported in 2020, and in external sales of non-mining energy goods recorded at the end of 2021 of US $18,186 million, which were already known, which grew by 24.5% compared to 2020.
These data are part of the analysis carried out by the Office of Economic Studies of the Ministry of Commerce, Industry and Tourism, based on figures from the Banco de la República and DANE.
This behavior of the non-mining export basket (goods and services) translates into an overfulfillment of the 114.8% target, which was set for 2021 at US$22,499 million. It should be remembered that this goal was adjusted after the situation caused by the pandemic.
The Minister of Commerce, Industry and Tourism, María Ximena Lombana Villalba, said that this “is the result of a joint work with entrepreneurs. We have programs to support and promote exports of both goods and services, which we have put at the service of the productive sector. We continue to move from revival to growth, and in this process, foreign trade is an important lever for growth,” he said.
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