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July 6, 2010

Canada-Colombia Free Trade Agreement Act receives Royal assent

Legislation on the Canada-Colombia Free Trade Agreement received Royal Assent on Tuesday, June 29, 2010.

The Canada-Colombia Free Trade Agreement will come into force once Colombia completes its domestic process to ratify the agreement.

Colombia is a dynamic emerging market with a population of 48 million and an economy with high growth potential. Colombia is a strategic destination for Canadian direct investment, especially in the mining, and oil and gas sectors. In 2009, bilateral merchandise trade with Colombia totalled nearly $1.3 billion.

Once implemented, the FTA with Colombia will stimulate the growth of the commercial relationship between the two countries and help level the playing field for Canadian business vis-à-vis competitors who have or are seeking preferential market access in Colombia.

The FTA will also promote a more stable and predictable investment environment in Colombia.