On behalf of Brazil, the Minister of Foreign Affairs, Aloysio Nunes Ferreira, and the Minister of Industry, Foreign Trade and Services, Marcos Pereira, signed today a new economic and trade agreement between the signatories of the Asuncion Treaty (Brazil, Argentina, Paraguay and Uruguay) and Colombia. The signing ceremony was held on the sidelines of the Mercosur Presidential Summit in Mendoza, Argentina.
The Agreement increases the liberalization of trade between Brazil and Colombia from 84% to 97% of tariffs as of January 2018, benefiting in particular textile, steel and auto industries. The signature of a new agreement with Colombia reflects the intention of Brazil and Mercosur partners to establish new trade partnerships, promote integration in the region and strengthen ties with Pacific Alliance members.
In 2016, Brazilian exports to Colombia grew by 6% compared to the previous year, reaching US$ 2.2 billion, whereas imports from Colombia totalled US$ 908 million. In the first half of 2017, trade between Brazil and Colombia increased by 23% in relation to the same period of 2016.