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Market Access from Colombia and Bogota

ACCESO A MERCADOS-01

A Large Market with Broad Access to International Markets

Thanks to the international trade agreements signed by Colombia with other countries, companies located in Bogota have direct access to the USD 314.364 billion Colombian market - one of the largest, most dynamic markets in Latin America.


Colombia: a Large and Dynamic Emerging Market

Colombia is the third most populous country in Latin America, home to nearly 52 million potential consumers.

Population in Latin America 2021

Source: DANE, International Monetary Fund

Colombia is the fourth largest market in Latin America after Brazil, Mexico, and Argentina.

Source: DANE, International Monetary Fund. 

For most of the last decade, the Colombian market has grown at a higher rate than the region. Furthermore, in 2021, Bogotá grew more than Latin America. The city grew 10.3%, followed by Latin America with 6.2%. This growth is evidence of Bogota’s economic dynamism and its strong recovery from Covid 19.

Source: World Bank, DANE. 

* Includes Caribbean. 

Bogota: an Attractive Market

Bogota Region has a population of more than 11 million inhabitants. In 2021, Bogota reached a GDP of USD 99 billion, higher than many Latin American countries.

Source: DANE, International Monetary Fund.

Access to International Markets

Thanks to the different international Free Trade Agreements (FTAs) in operation, companies based in Bogota Region have access to an extended market of more than USD55 trillion and 1,800 million inhabitants. 

Free Trade Agreements in Operation

Countries 

Population 2021 
(million of people) 

GDP 2021 
(USD Billion) 

CAN *1 

63.38  

368.88 

México 

128.9 

1,285.5 

MERCOSUR 2 

269.3 

2,198.0  

Chile 

19.72 

331.25 

Canadá 

38.19 

2,015.98 

Cuba 

– 

– 

Venezuela  

27.59 

44.89 

El Salvador, Guatemala and Honduras  

34.98 

137.371

United States of America

330.66 

20,939.58 

European Free Trade Association (EFTA)³ 

14.46 

1,281.79 

European Union 4 

512.75  

20,186.79 

CARICOM5 

6.29 

56.93 

South Korea 

51.82 

1,820 

Costa Rica 

5.18 

61.46 

Pacific Alliance*6 

182.52 

1,842.63 

Israel 

9.38 

467.53 

1 Colombia, Bolivia, Ecuador and Peru.
2 Brazil, Argentina, Paraguay and Uruguay.
3 Iceland, Lichtenstein (GDP and population information is not available), Norway and Switzerland, Agreement in operation for Lichtenstein and Switzerland.
4 Member states: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, United Kingdom.
5 Trinidad and Tobago, Jamaica, Barbados, Guyana, Antigua y Barbuda, Belice, Dominica, Granada, Montserrat, San Cristobal and Nieves, Santa Lucía and San Vicente and las Granadinas
6 Mexico, Peru, Chile and Colombia
NA=Not available
* GDP and population do not include information about Colombia
Source: International Monetary Fund; Ministry of Trade, Industry and Tourism of Colombia. Calculations by Invest in Bogota.

FTAs Subscribed

Countries 

Population 2021 
(million of people) 

GDP 2021 
(USD Billion) 

Panama 

4.34 

60.12 

United Kingdom 

67.28 

3,108.41 

Source: International Monetary Fund; Ministry of Trade, Industry and Tourism of Colombia. 

FTAs Currently Being Negotiated

Countries 

Population 2021 
(million of people) 

GDP 2021 
(USD Billion) 

Turkey 

84.62 

795.95 

Japan 

125.37 

5,103.11 

Canada, United States, Mexico, Costa Rica, Panama, Peru, Chile, European Union (28 countries), Iceland, Norway, Switzerland, Liechtenstein, Turkey, Israel, Pakistan, South Korea, Japan, Hong Kong, Taiwan, Australia , New Zealand and Mauritius 

1,567.59 

54,491.06 

Pacific Alliance with candidates to associate states 

74.75 

4,252.82 

Source: International Monetary Fund; Ministry of Trade, Industry and Tourism of Colombia. 

Double Taxation Agreements in Operation

Countries 

CAN1, Spain2, Chile3, Switzerland4, Mexico5, Czech Republic6, Portugal7, Canada8, India9, South Korea10 

Bilateral Investment Treaties in Operations

Countries 

Mexico*, Spain, Chile*, Switzerland, Peru, China, India, Japan 
El Salvador, Guatemala, Honduras* 
Iceland, Norway, Sweden, Liechtenstein* 
Canada*, United States*, United Kingdom, 

1 Bolivia, Ecuador and Peru
2 Started operation in July 2008
3 Started operation in May 2009
4 Started operation in July 2009
5 Started operation in August 2012
6 Started operation in December 2013
7 Started operation in December 2013
8 Started operation in June 2011
9 Started operation in July 2013
10 Started operation in July 2013
*The agreements were included in chapters of the respective FTA
Source: Ministry of Foreign Affairs of Colombia.

Updated: (mm/dd/yyyy) 08.12.2022

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Mauricio Romero

Mauricio Romero

Strategic Support Manager | mromero@investinbogota.org

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