News in brief: Colombia President Gustavo Petro plans to renegotiate the country’s 11-year-old free trade agreement with the United States, aiming to cut US imports and replace them with locally produced corn, which could generate jobs and benefits for Colombian farmers.
Colombia’s President, Gustavo Petro, has announced his intent to renegotiate the country’s free trade accord with the United States. He made the disclosure at a meeting with coffee growers in the town of Pitalito.
The trade accord has already been in place for 11 years between both governments and the US is the main trade destination for Colombiaâs major exports.
Petro said under the treaty, the US banned growing local corn in favour of strains produced only in the US and Canada. Although, he did not give further details after declaring the beginning of renegotiations, but there are indications that the move is being made to cut US imports into Colombia.
The President noted that all Colombiaâs corn is imported from the US and Canada. He said replacing that figure with Colombian corn would create 1.2 million jobs and wealth for Colombian farmers.
During the 2022 presidential election, Gustavo Petro announced his intent to amend the accord in a bid to protect Colombian agriculture. Critics have, however, noted the danger associated with such a move as they believe it would ultimately hurt the economy. They opine that imposing new tariffs on imports would see the US reciprocating the gesture which could affect the Colombian economy.
The president has also promised to halt oil extraction, boost clean energy, and reopen diplomatic and business contacts with Venezuelaâs government, which was suspended since 2019.
Colombiaâs main exports to the US include oil, coal, and other mining products. It has also been able to carry out, for decades, a global marketing campaign to add value to coffee. Colombian palm oil production is one of the most sustainable on the planet, compared to the largest existing producers.
