LatinNews Daily - 11 August 2020

* Colombia and Israel have launched a new bilateral free trade agreement (FTA) during a videoconference between Israel’s Prime Minister Benjamin Netanyahu, and Colombia’s President Iván Duque. Under the FTA 99% of Colombia’s industrial exports and 97% of Colombia’s agriculture exports will enter Israel free from tariffs, and tariffs for the remaining exports will be gradually lifted over the next five years. The agreement also aims to attract Israeli investment to Colombia in areas such as irrigation, agriculture, artificial intelligence, and robotics. The Colombian government will open an iNNpulsa office (the government’s entrepreneurship and innovation agency) in Israel later this year to promote collaboration between the two countries in areas such as agriculture technology, cybersecurity, health technology, educational technology and financial technology. The office will also promote cooperation between the governments, academics and business sectors of both countries. In 2019, Colombia exported US$366m of goods to Israel, of which only 8% were non-mining goods such as coffee, flowers, and biscuits.

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