The Trade Agreement between Colombia and the European Union, in force since August 2013, is a modern agreement that reaches beyond trade and tariff measures to include the area of services, intellectual property, public contracts and more. In addition, the Agreement covers Trade and Sustainable Development (TSD), in line with the new European trade strategy defined in October 2015: "Trade for all: Towards a more responsible trade and investment policy". This is based on core principles of efficiency, transparency and respect for human rights and seeks to ensure that the benefits of trade reach consumers, workers and producers, with particular attention given to SMEs and citizens of developing countries.
Colombia is the European Union's main trading partner within the Andean Community and the fifth in Latin America, with a transaction volume that reached €13.3 billion in 2015. For its part, the EU is Colombia's second largest trading partner and the first source of direct foreign investment in the country.
In 2015, Colombian exports to the EU reached a value of €6.6 billion, primarily mineral products (60 %), like oil and coal, and agricultural products (30.5 %), in particular fresh bananas (€850 million) and coffee (€626 million). For the same period, Colombian imports from the EU amounted to €6.5 billion, consisting primarily of machinery and mechanical devices (€1.1 billion), pharmaceutical products (€822 million), aircraft (€545 million) and vehicles (€512 million).