For EFTA-Colombia trade statistics, see EFTA Trade Statistics Tool The agreement is gradually opening up markets on both sides and increasing the stability and predictability of the trade and investment environment. The provisions on trade instruments are contained in Chapter 2 and refer to WTO law. Detailed provisions on trade facilitation are set out in Annex VII. The Free Trade Agreement between Colombia and the European Union was created in August 2013. The main objectives of the Free Trade Agreement (FTA) were the reduction of barriers to trade, the promotion of the development of the Andean region and its economic growth, including the improvement of living conditions, and the reduction of poverty in the region. According to an analysis by the National Planning Division (DNP), the deal is expected to increase Colombia`s GDP by about 0.46 percent, while overseas sales will increase by 0.71 percent and imports by 1.73 percent. Negotiations on Ecuador`s accession to the trade agreement with Colombia and Peru were concluded in July 2014. The Protocol of Accession to Ecuador was signed in November 2016 and has been provisionally applied since 1 January 2017. Before the agreement was ratified, critics complained of problems of human rights violations and environmental protection in the Andean country. Participants at the Bogotá event highlighted the improvement of these two aspects as a positive outcome of the agreement. Foreign direct investment (FDI) in Colombia will also benefit from the new agreement.

Foreign direct investment has already increased by 245% between 2010 and 2011 and the EU`s free trade agreement is expected to encourage the arrival of new foreign direct investment in the country. Among the main investment opportunities for Europe are renewable energy, auto parts, oil services, BPO and Software & IT. The EU, Colombia and Peru concluded trade negotiations in 2011. The EU-Colombia-Peru trade agreement was signed in June 2012. The agreement has been provisionally applied with Peru since March 2013 and with Colombia since August 2013. The EFTA-Colombia Free Trade Agreement focuses on the liberalisation of trade in goods. Other agricultural agreements between the EFTA states and Colombia are an integral part of the instruments for the creation of a free trade area. With this agreement, Colombia should not only experience an increase in exports of goods and services, but also attract more European investment and serve as a platform for other countries in the region without an agreement with the Europeans. The Investment Chapter (Chapter 5) aims to improve the legal framework for EFTA and Colombian enterprises investing in the markets of the other, including through the granting of non-discriminatory rights of establishment and exploitation (commercial presence) in sectors not covered by the Chapter on Trade in Services. On Tuesday 11 December 2012, the Free Trade Agreement (FTA) between Colombia and the European Union (EU) was approved by the European Parliament in Brussels. According to Eurostat figures, free trade between the two regions has increased over the past 6 years and exceeded a total trade volume of €11 billion in 2018.

Colombia`s main exports to the EU were coal, bananas, coffee, oil and palm oil. Overall, conference participants agreed that the Free Trade Agreement (FTA) has helped diversify Colombian exports and facilitate access to the European market. With regard to trade, the European Union has traditionally been one of Colombia`s main trading partners; In 2011, after the United States, it was ranked second as a target for Colombian exports. Last year, according to the Danish, Colombia`s global trade with the EU amounted to $16,340 million, an increase of 54.4 percent over the previous year. Among the main export products were coal, briquettes, solid fuels, crude oil, coffee, bananas and ferro-alloys. .