At least two or three additional negotiation rounds will be necessary to close the Free Trade Agreement between the countries.
In addition to the core topic of “what, how much and how” to remove tariffs between both countries, there will be tough discussions regarding rules of origin, labeling and customs regulations. These issues will push back the negotiation beyond June, so the conclusion of this agreement will be a responsibility of the upcoming Colombian government of Manuel Santos.
After an initial exploratory round, both countries agreed to negotiate a Free Trade Agreement.
The commerce vice ministers from both countries will meet to establish schedules, action plans and negotiating tables.
Luis Guillermo Plata, Colombian Commerce Minister, told Prensa.com: "We will engage in an integral, complete negotiation, which includes goods and services deemed of interest by each country. We will take into consideration the economies of both countries".