Colombia Aims to Reduce Trade Dependence on the U.S.
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Colombia is pursuing strategies to diversify its export markets following a brief diplomatic crisis with the United States, which exposed its heavy reliance on the northern neighbor. The U.S. had threatened to impose a 25% tariff on Colombian goods, potentially impacting one-third of Colombian foreign sales, prompting the government led by President Gustavo Petro to look towards China and Europe as alternative markets. Experts emphasize the need to modernize Colombia's outdated customs processes and address public and private disinterest in expanding trade.
Javier Díaz, president of the National Association of Foreign Trade, highlighted the importance of maintaining strong ties with the U.S. while exploring other commercial relationships. The Colombian government has recently initiated discussions with Chinese officials to enhance trade ties, particularly following Colombia's bid to join China’s Belt and Road Initiative. Trade relations with India and the European Union are also being strengthened. However, experts caution that breaking away from dependence on U.S. markets will require significant effort and time, as Colombia currently relies heavily on the U.S. for various exports including oil and agricultural products.