As Colombia takes steps to renegotiate its Free Trade Agreement (FTA) with the U.S., its President, Gustavo Petro, is positioning the South American nation to diversify its economy and reduce its reliance on imported goods.
President Petro made a call to action for his nation during a meeting with coffee growers in Huila, emphasizing the importance of transitioning away from a reliance on extraction of resources such as oil, mining, and cocaine, to a focus on production and diversifying its agricultural sector.
Petro highlighted the need to revitalize the country’s agricultural sector, pointing out how imported corn and other agricultural products from the U.S. have eroded Colombia’s manufacturing base and source of employment. “Today we import almost all of our corn from the U.S. and Canada. If I wanted to replace that corn -with Colombian corn- I would have 1,200,000 more jobs” said President Petro.
President Petro then proposed his ambitious plan to invest in the Colombian coffee sector, which currently only employs 150,000 workers, compared to 1 million in the past. This would create jobs through production rather than extraction.
The new direction of the FTA negotiations is expected to have a substantial impact on both nations. In addition to an increase in trade between Colombia and the U.S., it may open the way for new economic opportunities between the two countries.
With its call for balance and diversification, Colombia’s new government of change is showing that it is dedicated to reshaping the future of their economy.