By Dan Molinski
BOGOTA -(MarketWatch)- Colombia begins free trade talks with Turkey next week as the South American nation moves to broaden its ties around the world given that hopes for a free trade deal with the U.S. remain in doubt.
A statement Friday from Colombia’s Trade Ministry said first-round talks with Turkey will take place all next week in Bogota starting Monday, with two more rounds of talks planned for July and September. The statement didn’t indicate when a final deal may be reached.
Trade between Colombia and Turkey is small, with just $271 million worth of goods switching hands. Colombia exported $214 million of products to Turkey, with coal accounting for much of that. Turkey sent Colombia $57 million in goods, including artillery parts, auto parts and textiles.
Colombia for years has been vying for a permanent free trade agreement with the U.S., its main trading partner, but Washington has so far failed to give any deal final approval. It seemed until a few weeks ago that a Colombia-U.S. trade pact would finally be sealed, but then the Obama administration said no deal will happen unless Republican lawmakers give some ground on worker benefits.
President Juan Manuel Santos said in early 2011 that if a deal with the U.S. isn’t formalized soon, Colombia will give up trying, and that in the meantime his government will continue pursuing other trade deals around the globe.
Santos said the trade talks with Turkey are part of a broader effort to increase ties with other nations that form the so-called CIVETS group, an acronym for Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa.
via Colombia to launch free trade talks with Turkey – MarketWatch.