Colombia Aims to Reduce Dependence on U.S. Amid Trade Turmoil
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Colombia's government, led by President Gustavo Petro, is exploring ways to reduce its dependency on the United States for trade following a recent diplomatic spat that threatened to impose a 25% tariff on Colombian exports. According to experts, the crisis provides a chance for Colombia to seek new markets, particularly in China and Europe, but significant challenges remain, such as outdated customs processes and a general lack of interest from business owners.
Petro emphasized the need for diversification during a recent Cabinet meeting, stating, "Colombia has to diversify its exports more and more to feed the world," as reported by local news. Javier Díaz, president of the National Association of Foreign Trade, noted that while it's essential to explore new markets, maintaining strong ties with the U.S. is crucial.
Colombia's commerce with China is intensifying, with recent meetings between local officials and the Chinese ambassador. However, experts caution that overcoming the logistical inefficiencies and fostering private sector interest is key to successfully transitioning away from reliance on U.S. trade.