The Numbers
In 2010 Canadian exports from Colombia totalled $643.8 million, while Canadian imports from Colombia totalled $717.4 million. Once implemented, the agreement is hoped to stimulate the growth of Canada’s commercial relationship with Colombia, and help level the playing field for Canadian businesses against their competitors.
Based on current trading patterns, it is estimated that the annual savings on duties will be approximately $9.1 million for Canadian importers once the agreement is fully implemented.
Summary of Benefits to Canadian Businesses
In summary the overall benefits of the agreement for Canadian businesses are:
- New market opportunities for Canadians in Colombia
- New opportunities for partnerships in order to diversify your business whether with new products, new markets or new methods of production
- New customers and target market
- New investors from Colombia who are keen to invest in Canadian companies or from Canadians who are keen to invest in Colombia through your business
- New links in supply and production chains – potentially lowering production costs
- New choices for consumers through the import of Colombian goods or services
More information
For more information on the Canada-Colombia free trade agreement or any other information regarding importing and exporting goods to and from Canada, contact Small Business BC and ask to speak to our Trade Expert. All trade advisory services can be delivered in both English and Spanish.
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