FTA with South Korea is ‘a car bomb’ for Colombia’s industrial sector: Senator

One of the most popular and outspoken Colombian senators on Tuesday rebuked the pending free trade agreement (FTA) between Colombia and South Korea on the grounds that it undermines industrial potential.

Opposition senator Jorge Robledo expressed his sharp disapproval of the effects of an FTA with South Korea calling it a “car bomb” on the door of the national industry.

The government has championed the FTA because they claim it is “an opportunity for agriculture” because  

“I think [the FTA] enables us to start down the path of [establishing] a greater relationship with the continent…where we do not have a significant presence,” said Diaz. “We will have to do our homework [in order] to meet the standards required to enter that market.”

For Robledo, however, the supposed benefits for Colombia’s agricultural industry are suspect and do not outweigh the possible negative effects an FTA would have on other sectors.

“First, no amount of agricultural income can [offset] the [suspected] loss [Colombia’s] industrial [sector will experience],” said the socialist senator. 

A study by Colombia economic and social policy think tank Fedesarrollo estimated that exports to Colombia from South Korea would increase by 29% where exports from Colombia would only increase 8%.

Colombia initiated free trade agreements with the United States and South Korea in 2012. An FTA with the European Union has stalled in Colombia’s congress though it is expected to be implemented in March.

BACKGROUND: European Union urges Colombia to speed up FTA

If implemented, the FTA with South Korea, will last for the next 10 years.

Related posts

Colombia’s truckers agree to lift blockades after deal with government

Truckers shut down parts of Colombia over fuel price hikes

Colombia’s bankers agree to invest additional $13.6B in economic development