Canada to hold talks on a proposed free trade agreement with the Andean Countries

August 7, 2002

The Governments of Canada and the Andean Countries (Bolivia, Colombia, Ecuador, Peru and Venezuela) will hold preliminary talks on a proposed free trade agreement, International Trade Minister Pierre Pettigrew announced today.

“A free trade agreement between Canada and the Andean countries would create a framework to strengthen our economic relations and promote economic development in the region,” said Minister Pettigrew. “These negotiations signal Canada’s continued engagement in the hemisphere and commitment to trade and investment liberalization, including through the Free Trade Area of the Americas process.”

The Andean Countries are important commercial partners for Canada; bilateral trade in 2001 reached $3.6 billion, with Canadian exports totalling $1.5 billion. Cumulative Canadian investment in the Andean Countries is estimated at $11 billion.

“Besides economic development, a free trade agreement would strengthen peace and stability in the region, and recognize the efforts of the Andean Countries in the fight against drug production and trafficking.” Commented Minister Denis Paradis, Secretary of State (Latin America and Africa) (Francophonie), who is representing Canada at the inauguration of Alvaro Uribe as President of Colombia.

The Government of Canada will embark shortly upon a broad and comprehensive consultation process to seek input from the provinces and territories, the Canadian public, businesses and non-governmental organizations.