Brazil and Colombia discuss increasing bilateral trade

The VIth Meeting of the Brazil-Colombia Trade Monitoring Commission was held virtually on October 8th. The activity was chaired by the Secretary of Foreign Trade at the Ministry of Economy, Lucas Ferraz, and by the Deputy Minister of Foreign Trade of Colombia, Andres Cardenas.

The highlight of the meeting was the signing of a Memorandum of Understanding establishing the same conditions for reciprocal access contained in the Economic Complementation Agreement nº 72 (ACE 72) for goods originating from free zones and special customs areas. The signing of the document is part of the context of the meeting between presidents Jair Bolsonaro and Iván Duque, which should take place in Brasília, on October 19th.

The delegations also discussed the efforts made to facilitate trade between Brazil and Colombia – such as the recognition and exchange of Digital Certificates of Origin (COD) – and to prevent double taxation between countries through an Agreement to Avoid Double Taxation (ADT).

Also discussed were the strengthening of bilateral access conditions provided for in ACE 72 – mainly for the automotive, textile, plastic, and agricultural sectors –, negotiations on government purchases, and measures aimed at increasing the bilateral flow of investments between countries.

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