The latest round of negotiations regarding a free trade agreement between Colombia and Turkey will begin at the end of May, local media reported.
Between May 30 and June 3 officials from the two countries will begin discussions in Bogota regarding a preferential trade agreement between Colombia and Turkey. Trade negotiators from both countries headed by Santiago Pardo and Murat Yapici started trade talks in the Turkish capital, Ankara in March.
Commerce, Industry and Tourism Minister Sergio Diaz-Granados said that the country was identified as a priority principle business partner.
Bilateral trade between Colombia and Turkey in 2010 reached $271 million down from 2009 when it hit $379 million, Portafolio reported. Colombian goods sold to Turkey, such as coal, textiles, leather manufacturing products and cosmetics composed the majority ($214 million) of the trade volume between the two countries.
Trade negotiations with the Mediterranean state reflect the interests of President Juan Manuel Santos and the government to align Colombia more closely with other CIVETS countries tipped by the Hong Kong and Shanghai Banking Corporation HSBC to have favoring, emerging markets due in part to young growing populations as well as dynamic economies.