Bogota : The Colombian government is seeking a bilateral Free Trade Agreement (FTA) with India to boost commercial exchanges between the two countries, a media report said.
The Colombia-India Chamber of Commerce has signed an agreement in early March, aimed at attracting Indian investment in the country, the daily La Republica quoted Jaime Mantilla, president of the Chamber, as saying Tuesday.
The agreement is “one more step on the road toward an FTA with India”, Mantilla said, adding that it also represented a clear message to Indian traders their capital would be protected in Colombia.
The chamber organised a business meeting in mid-March, during which businessmen from both countries signed agreements worth about $633,000.
The commercial exchanges between the two countries reached about $600 million in 2008, according to Colombia’s National Department of Statistics.
India’s imports from Colombia rose to $528.5 million in 2008, up 11.13 percent compared with $475.8 million in 2007.