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Each day TFO Canada publishes a sample of trade news on the Canadian import market along with any new, updated or changed regulations and legislations regarding international trade; countries in which TFO Canada offers services and on the export sectors which it promotes.

 

Ministers Fast and Bernier Conclude Successful Trade Mission to Colombia

Thursday, August 14, 2014 > 08:26:43
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(Foreign Affairs, Trade and Development Canada)

Marking the third anniversary of the Canada-Colombia Free Trade Agreement to create jobs and opportunities for hard-working Canadians.

The Honourable Ed Fast, Minister of International Trade, and the Honourable Maxime Bernier, Minister of State (Small Business and Tourism, and Agriculture) today concluded three productive days of promoting closer Canada-Colombia trade and investment ties to create jobs and opportunities in both our countries.

Accompanied by representatives of 19 Canadian companies, including small and medium-sized enterprises (SMEs), ministers Fast and Bernier promoted the benefits of Canada’s pro-trade plan for Colombia, a priority partner under Canada’s Global Markets Action Plan.

Minister Fast encouraged Canadian and Colombian companies to continue to seize the opportunities for job creation and economic growth that the 2011 free trade agreement brings to both countries. He promoted the strength of Canadian oil, gas and mining operations in Colombia and highlighted the jobs and opportunities they create in that country. During bilateral meetings, Minister Fast also addressed challenges that Canadian investors face while doing business in Colombia’s extractives sector.

Among Canada’s tools for facilitating greater trade and business opportunities with Colombia is the recently opened office of EDC in Bogotá. The office will expand EDC’s presence in Latin America and help Canadian companies take advantage of the anticipated boom in Colombia’s infrastructure.

Minister Fast will continue his trade mission with a visit to Lima, Peru, today. August marks the fifth anniversary of the Canada-Peru Free Trade Agreement.

Quick Facts

The Canada-Colombia Free Trade Agreement came into force on August 15, 2011.

Colombia is Canada’s fifth-largest export market in Latin America.

In 2013, Canadian direct investment in Colombia reached nearly $2.4 billion.

Colombia ranks as the fifth-largest market for Canadian direct investment in South and Central America.

Canada has a significant presence in Colombia’s oil and gas and mining sectors, with 51 publicly traded Canadian extractives industry companies operating there.

In 2013, Canadian oil and gas operators had a 36-percent share of Colombia’s total gross oil production.

Quotes

“Through free trade agreements, trade missions and providing the support Canadians companies need through our Trade Commissioner Services, Export Development Canada and Canadian Commercial Corporation under Canada’s Global Markets Action Plan, our government is helping Canadian businesses succeed abroad and create jobs, growth and prosperity at home.”

- Ed Fast, Minister of International Trade

“Canadian small business operations are creative and innovative in developing products and delivering services that other countries trust and need for job creation and prosperity. By deepening our economic ties, we are helping to create a more prosperous, secure and equitable society for the people of Colombia.”

- Maxime Bernier, Minister of State (Small Business and Tourism, and Agriculture)


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