The government of Spain will request the European Commission and the other Schengen States to remove Colombia from the list of countries whose citizens require a visa to enter Spain for short stays. Spain’s Prime Minister, Mariano Rajoy, has informed the president of Colombia, Juan Manuel Santos of this decision.
The president of Colombia stated that this is "great news" for all Colombians. Spain’s decision has come after a review of bilateral relations and an acknowledgment that the situation in Colombia has radically improved since 2001, year in which the visa requirement Colombians from all countries of the European Union was adopted at a meeting of the EU, then formed by 15 countries. Mariono Rajoy qualified Spain’s relationship with Colombia as “excellent”.
Spain’s government will base its argument before the European Commission on the entry into force of the Multiparty Trade Agreement between the EU, Colombia and Peru. Colombia has changed because of the commitment of its government. Legal certainty and openness to trade has increased more than four times the FDI (Foreign Direct Investment) it receives, and its per capita income, in
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just ten years.
Mariano Rajoy has declared that the recent trade agreement is clear proof that the European Union,
and Spain in particular, believes in Colombia and its great potential. The agreement offers export companies privileged access to the world's largest market, to diversify, both in destinations and products, thereby contributing to sustained growth and social cohesion.
This is yet another example that showcases how Latin-American countries are quickly becoming investment platforms. The opportunity for investors and entrepreneurs looking to expand to Latin-America is at its prime point.
Contact Loigica International Trade Law advisers to learn more about Free Trade Agreement opportunities in Latin America and other geographies.
