Colombia to renegotiate free trade accord with US, protect agriculture
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President Petro's critics are warning that imposing new tariffs on imports would give way for the US to engage in a tit-for-tat response, and thus take a hit at the Colombian economy.
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Colombian President Gustavo Petro (L) greets US Secretary of State Antony Blinken in Bogota, Colombia in October 2022. (AFP)
At a meeting with coffee growers in the town of Pitalito, Colombian President Gustavo Petro announced on Wednesday his intent to renegotiate a free trade accord that Colombia already has with the main destination of its exports, the US.
He said the 11-year treaty currently bans Colombia from growing local corn, and obligates it to plant strains only produced in the US and Canada.
"I want to announce publicly that the renegotiation is starting," Petro said, followed by a standing ovation, but did not provide further details.
Petro previously announced his intent during the 2022 presidential election campaign to amend the accord in an attempt to protect Colombian agriculture from what he described as cheap US imports.
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"We import almost all of our corn from the United States and Canada. If I wanted to replace that corn with Colombian corn I would create 1.2 million more jobs. In other words, wealth".
His critics, however, are warning that imposing new tariffs on imports would give way for the US to engage in a tit-for-tat response and thus take a hit at the Colombian economy.
Colombia's main exports include oil, coal, and other mining products to the US.
Petro, Colombia's first leftist president, has promised to halt oil extraction, boost clean energy, and reopen diplomatic and business contacts with Venezuela's government, which have been suspended since 2019.
The Colombian President campaigned on raising taxes on the wealthy, investing in healthcare and education, and reforming the police after a deadly crackdown on anti-inequality rallies last year that was widely denounced abroad.
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