By Dan Molinski<\/p>\n
BOGOTA -(MarketWatch)- Colombia begins free trade talks with Turkey next week as the South American nation moves to broaden its ties around the world given that hopes for a free trade deal with the U.S. remain in doubt.<\/p>\n
A statement Friday from Colombia’s Trade Ministry said first-round talks with Turkey will take place all next week in Bogota starting Monday, with two more rounds of talks planned for July and September. The statement didn’t indicate when a final deal may be reached.<\/p>\n
Trade between Colombia and Turkey is small, with just $271 million worth of goods switching hands. Colombia exported $214 million of products to Turkey, with coal accounting for much of that. Turkey sent Colombia $57 million in goods, including artillery parts, auto parts and textiles.<\/p>\n
Colombia for years has been vying for a permanent free trade agreement with the U.S., its main trading partner, but Washington has so far failed to give any deal final approval. It seemed until a few weeks ago that a Colombia-U.S. trade pact would finally be sealed, but then the Obama administration said no deal will happen unless Republican lawmakers give some ground on worker benefits.<\/p>\n
President Juan Manuel Santos said in early 2011 that if a deal with the U.S. isn’t formalized soon, Colombia will give up trying, and that in the meantime his government will continue pursuing other trade deals around the globe.<\/p>\n
Santos said the trade talks with Turkey are part of a broader effort to increase ties with other nations that form the so-called CIVETS group, an acronym for Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa.<\/p>\n
via Colombia to launch free trade talks with Turkey – MarketWatch.<\/p>\n","protected":false},"excerpt":{"rendered":"
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