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Petro Administration Want To Renew US-Colombia Trade Agreement

COLOMBIA
  • BanRep will meet on Friday and the majority of analysts believe the central bank will likely hike the overnight lending rate by 150bps to 9.00%. A full preview of the decision with analyst views will be published later this week.
  • President-elect Gustavo Petro’s newly appointed ambassador to the US, Luis Gilberto Murillo, says a free trade agreement with the US “must be renewed,” in order to respond to “new challenges” for both countries. (Bloomberg)
    • Petro has instructed his team to reframe relations with the US, Murillo said in an interview Sunday with W Radio.
  • “It’s necessary to have a new vision,” he said. Petro’s government has three fundamental priorities with the US, he added. “Firstly is achieving complete peace; secondly climate change and thirdly migration and inclusion.”
  • Petro’s administration wants to renew the decade-old US-Colombia trade agreement, but Murillo did not say what changes the Colombian government might seek. The pact provides for the elimination of tariffs and removes barriers to US services, including financial services.
    • During his campaign, Petro had pledged to rework the pact, which he’s blamed for impoverishing Colombian farmers.
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