Economy

Colombia approves a trade deal with the UK post-Brexit

This same law would also have been accepted by other Andean countries such as Ecuador and Peru

Medellín, Colombia's second-biggest city, skyline. Image: Shutterstock
  • Brexit agreement will enter into force as of January 1, 2021;
  • Colombia would seek to maintain the rights and obligations that were already agreed with the European nations.

Colombia approved a trade agreement with the United Kingdom post-Brexit. As reported by La República, Colombia would have signed a document in which it recognizes the pact between the European Union and the United Kingdom to leave the bloc. Therefore, the country would seek to maintain the rights and obligations that were already agreed with the European nations.

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This same law would also have been accepted by other Andean countries such as Ecuador and Peru, to protect the commercial benefits that these alliances have for the region, according to La República.

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With the latest endorsement from the authorities, the Brexit agreement will enter into force as of January 1, 2021, to safeguard all European economies. One of the main measures is to have a reciprocal opening of markets without import tariffs.

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