Colombia and Israel have moved forward with the implementation of the Free Trade Agreement (FTA) negotiated between 2012 and 2015.
With this agreement, 97% of the agricultural and agro-industrial goods and 99% of the industrial goods exported from Colombia to Israel are from now on exempted from the payment of customs duties.
The FTA established a schedule for the gradual reduction of customs duties which foresees that all remaining goods, will be exempted from the payment of customs duties within a maximum period of five (5) years, as from the date of implementation of the FTA.
This agreement represents an opportunity for the parties to explore new markets and foster the creation of new value chains. It is expected to boost cooperation between both countries and increase and diversify foreign direct investment.