Commercial and Economic Relations

Commercial and Economic Relations
 
The similarities of economies of India and Colombia are marked by remarkable performance of all the economic sectors that present excellent opportunities for establishing commercial alliance and economic and technical cooperation between India and Colombia. 
The principle areas for developing commercial relations between the two countries are: Chemicals, Pharmaceuticals, Textiles, Automobiles & Auto-parts, Motor cycles, Machineries, Information technology & Industrial technology.

In 1970 India and Colombia signed a trade agreement.  However, the expansion in bilateral trade was limited to restrictive commercial and economic policies imposed by the two countries in the 1970s and 80s and limitations of language and distance. 

The commercial relations between India and Colombia increased significantly after the initiation of economic reforms and trade liberalisation in the early 90s and subsequent to the reopening of the Embassy of India in Bogotá in 1994.  The visits of President Andres Pastrana in March 2001 to India, and Minister of Commerce, Industry and Tourism and Minister of Mines and Energy of Colombia in 2008, besides several visits of Indian Ministers to Colombia during this decade, significantly contributed towards generating interests with regard to bilateral trade in the two countries.  Now, Colombia is the most preferred destination for all Indian companies that wish to initiate business relations with Latin America.