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In the wake of recent trade tensions with the United States, Colombia is seeking to diversify its export markets to reduce dependency. Following a threat from former President Donald Trump to impose a 25% tariff on Colombian goods, President Gustavo Petro has emphasized the need to expand trade relationships, particularly with China and Europe, according to local analysts.
Colombia's economy heavily relies on the U.S., which absorbs a substantial portion of its exports, including coffee, flowers, and oil. Experts warn that overcoming the historical disinterest among Colombian businesses and outdated customs processes will be essential for diversifying exports. “We have to modernize customs to enable successful entry into new markets,” said Javier Díaz, president of the National Association of Foreign Trade.
Minister of Commerce Luis Carlos Reyes recently met with the Chinese ambassador to review trade relations, indicating a potential strengthening of ties. Furthermore, Colombia has initiated processes to join China’s Belt and Road Initiative, underscoring its commitment to developing new trade partnerships.