In an effort to shrug off the sluggish European economy, Israel has turned its attention to Colombia and other Latin American states, Israeli newspaper Haaretz reported on Monday.
Following the brokering of a free trade agreement (FTA) between Israel and Colombia, the Middle Eastern state is also looking to increase trade with other states of the “pacific alliance” – Mexico, Chile and Peru.
Previously, trade between Israel and South America has been so slight that statistics had grouped the whole continent in with “the rest of the world.” However due to a slow European economy, Israel, who has previously brokered an FTA with the Mersocur group (Brazil, Argentina, Paraguay and Uruguay) is turning its attention further towards Latin America and Colombia.
Colombia and Israel have recently come to regard each other as politically friendly; Colombian President, Juan Manuel Santos, has put substantial effort into pursuing the FTA between Colombia and Israel.
This has resulted in both a free trade agreement between the two nations and has also seen Israel supply Colombia with drones to assist in the government’s war with leftist rebel groups throughout the country.
In 2012, Israel had exported just $142.5 million worth of goods to Colombia and imported only $17.2 million worth.
- Exports to Colombia (733 CO), by Year and Commodity Code (Central Bureau of Statistics)
- Israel moves to bolster economic ties with Mexico, Chile, Colombia and Peru (Haaretz)
- Imports from Colombia (733 CO), Total – 2012 (Central Bureau of Statistics)