ON THE ROAD TO APEC

L ib ertad
y O rd e n

Government of COLOMBIA

L ib ertad

y O rd e n

Ministry of Foreign Affairs

Republic of Colombia

L ib ertad

y O rd e n

Ministry of Trade, Industry and Tourism

Republic of Colombia

COLOMBIA ON THE ROAD TO APEC

Presentation
As a Pacific economy, Colombia has actively engaged in international cooperation and integration mechanisms with economies of both, the American and Asian sides of the Asia-Pacific region. In 1986, the Colombian Council for Pacific Cooperation (COLPECC) was created with the intention of directing Colombian efforts for regional integration and cooperation. COLPECC is a government advising council under the authority of the Colombian Ministry of Foreign Affairs, which promotes in the articulation of public policy and coordination among the government, private and academic sectors in their goal of positioning the country in the Asia-Pacific regional architecture. Since 1994, Colombia has been a full member of the Pacific Economic Cooperation Council (PECC) and the Pacific Basin Economic Council (PBEC). That year, Colombia also requested APEC membership. In 2001, the Forum for East Asia and Latin American Cooperation (FEALAC) was established, Colombia being one of its founding members and serving as regional coordinator for Latin America from 2001 to 2004, and from 2011 to 2013. In 2006, Colombia and other countries of the region promoted the creation of the Latin American Pacific Arc Initiative as a regional arrangement for consensus and coordination, as well as an instrument to bring the Latin American Pacific Rim and the Asia-Pacific together. This initiative was officially launched in January 2007, in Cali, Colombia. Within this framework, Colombia, Chile, Mexico and Peru established the Pacific Alliance, formalized through the Framework Agreement signed on June 6th 2012. Since May 2013 Colombia has assumed its Presidency Pro Tempore.
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COLOMBIA ON THE ROAD TO APEC

Just days before the signature of the agreement, the Colombian government appointed its first Ambassador to ASEAN. The objective of the Pacific Alliance is to create a deep integration area aimed to promote higher growth, development and competitiveness among its member economies, through progressively advancing towards the free movement of goods, services, capitals and people. In addition, it establishes an important commitment to cooperation. The deep integration sought through the Pacific Alliance makes the combined market of its Members even more attractive to the rest of the world, being referred to as a potential emerging trade block between Latin America and East Asia. The Alliance members are recognized by their macroeconomic stability policies and the capacity of their economies for market expansion. Colombia, Chile, Mexico and Peru have a total population of over 209 million inhabitants, 36% of the Latin American and Caribbean total, with a nominal Gross Domestic Product (GDP) per capita of US$ 13,791. The Gross Domestic Product of the Pacific Alliance member countries accounts for 35% of the total Latin American and Caribbean GDP. In 2012, the Alliance Members States' average growth rate of 5% was higher than the global average of 3.2%.

Colombia
and APEC
Colombia is the largest economy in the entire Pacific basin (by GDP, trade and population) that does not hold membership in APEC. Since 1995, APEC has invited Colombia to participate in the activities of different working groups and task forces such as Energy, Mining, Information and Communications Technologies, SMEs, Tourism, Investment, Services, Customs Procedures and Electronic Commerce. Additionally, the President of Colombia was invited to participate in the APEC CEO Summit of 2008 held in Lima, Peru. Furthermore, the Colombian Minister of Trade, Industry and Tourism was invited to the APEC CEO Summit and APEC SME Summit of 2010 held in Yokohama, Japan, and high level officials were invited to attend APEC CEO Summits in 2011 and 2012.
5

COLOMBIA ON THE ROAD TO APEC

In 2004 and from 2008 onwards, Colombian business leaders have been invited to attend APEC CEO Summits: the collaboration of the National Business Association (ANDI) contributed to the development of a close relationship and partnership between business communities in Colombia and APEC. In 2011 the Government appointed a Special Ambassador for APEC affairs. Colombia wants to be an economy committed to economic openness determined to integrate itself into the global trade architecture, and has the ambition of fully exercising its condition as a Pacific economy. Colombia desires to strengthen its participation in investment flows both inbound and outbound. It considers trade and private entrepreneurship as key engines of growth and development, and It recognizes and values the importance of sharing good practices on public policy and regulation with other nations. Colombia is located in the Pacific Ocean basin, with 1,448 km of coastline in the Pacific Ocean, of which 339,200 km have been internationally recognized as Exclusive Economic Zone. It is an open and trade-oriented economy that shares most of APECs objectives and principles and maintains good political relations and has growing economic ties with its economies. In addition, Colombia has the longest democratic tradition in South America, and has had historically stable macroeconomic indicators. The international community recognizes Colombia for its responsible economic management, with an independent monetary authority and sustainable debt levels.

Colombia:
General Facts
It is a large country. In terms of population, Colombia is twice as populous as Australia and its geographic area is larger than all of Central American countries combined. It is a young country. In Colombia, 54% of the population is younger than 30 years old. Colombia is the worlds second most biodiverse country and is part of the exclusive club of the 12 megadiverse countries of the planet. Colombia is the only country in South America with access to both the Atlantic and the Pacific Oceans.

COLOMBIA ON THE ROAD TO APEC

By 2014, Colombia will consolidate preferential access to more than 1.5 billion consumers, as a result of its international trade agreements. Colombia enjoys a competitive location with easy access to markets around the globe. Colombia is one of the oldest and most stable democracies in Latin America. The country has always been distinguished because of its strong democratic institutions.

Source: DANE *Co ee Region: Manizales, Armenia, Pereira

COLOMBIA ON THE ROAD TO APEC

1,361

Population 2013* Million Source: DANE International Monetary Fund (*Forecast)

316.8

248.0

141.4 127.3 116.0 97.5 91.5 64.7 50.2 47.1 35.2 30.9 30.0 23.3 23.1
Peru Chinese Taipei Mexico Philippines Colombia Vietnam Japan Malaysia Republic of Korea Australia Russia Thailand Canada

China

With 46.1 million inhabitants (2013, National Department of Statistics Departamento Nacional de Estadsticas, DANE), Colombia has the third largest population in Latin America. Colombia is also the second largest Spanish-speaking country in the world and is also the 27th most populous. Colombia has a dynamic and young population spread throughout multiple development centers: 9 major urban centers with over 500,000 inhabitants.

United States

Indonesia

Colombia: A Story Of Success

Outstanding Macroeconomic Stability
The reforms implemented though the previous decades led to a solid and stable macroeconomic framework. The economic model is based on the principles of market openness fiscal sustainability (decreasing Debt/GDP and fiscal deficit), a reliable monetary policy (low and decreasing inflation), as well as financial stability. This framework was made possible through a wide range of long-term reforms implemented over the last decades:

10

COLOMBIA ON THE ROAD TO APEC

Inflation targeting regime and creation of a sound and independent Central Bank. o Adoption of countercyclical provisions and risk management frameworks. o Implementing a world-class fiscal framework, based on: A Fiscal Sustainability Constitutional Reform that introduces fiscal sustainability as a criterion for guiding all public sector institutions. A Fiscal Rule that imposes fiscal discipline to the Central Government with the objective of obtaining primary fiscal surplus in the medium term. A Royalties Reform that redistributes revenues generated by the oil and mining industries amongst all Colombian provinces, providing local governments with important resources for investment in infrastructure and innovation. These amendments have set the standard for the stable situation we have today. In order to tie long-term incomes and expenses together, the government uses the Fiscal Rule, which is probably the best instrument at disposal of a country to guarantee its fiscal sustainability. In addition, this instrument will contribute to avoid or mitigate a Dutch disease scenario. The Fiscal Sustainability Constitutional Reform has included the fiscal sustainability principle in the Constitution. Such legal framework exists only in a few countries. This framework places Colombia at a Medium Term Fiscal Path that: o Provides predictability, sustainability, and supports investor confidence. o Avoids accumulation of imbalances. o Allows steady social expenditure for poverty reduction and attention of the victims of violence.
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COLOMBIA ON THE ROAD TO APEC

o Reinforces effective measures to control drug production and trafficking, investment in infrastructure, and confronting fiscal liabilities like pensions or healthcare. o Cooperation and interaction with the OECD has been and will be a key factor in guiding reforms and policy efforts. o Some of these policies have been extremely innovative and Colombias experience in their implementation will prove useful to other APEC members.

Sustainable Economic Growth

From 2000-2012, the Colombian economy displayed a real growth rate of around 4.0%, a figure in line with its historical average of 4.3%. In addition to this, a buoyant domestic demand and a export boom boosted the national growth rates up to 6%, between 2005 and 2007. Colombia has experienced steady economic growth, which has proven to be resilient to economic cycles. GDP growth is in line with potential output. In 2011 it grew at a vigorous rate of 6.6% despite the external crisis. In 2012 it grew at 4.0%, above the average world rate. For 2013 an expansion of 4.1% is expected. Gross Domestic Product (Annual Growth)
8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 -1.0 -2.0 2000 2001 2002 World 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Latin America and the Caribbean Colombia 4,0 3,2 3,0

Source: IMF

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COLOMBIA ON THE ROAD TO APEC

GDP per capita (PPP) has doubled in ten years. It now stands at US$ 10,792, moving the country from a medium-low income range to a medium-high range. This has also contributed to important social achievements: in 2011, 1.2 million inhabitants were raised out of poverty, which is reflected in a decrease of 3.1 points in the poverty rate (from 37.2% to 34.1%). Per-Capita National Income * - Current USD and PPP
10,792 in ppp
9000 8000 7000 6000 5000 4000 3000 2000 1000 0
1962 1964 1966 1968 1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012

7,855 USD

Source: IMF. * Classi cation based on a World Bank methodology.

Colombia ranks as the 12th largest economy adjusted for PPP among the economies of the Pacific Basin.

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COLOMBIA ON THE ROAD TO APEC

Gross Domestic Product: Colombia and APEC economies At PPP, current USD (billion USD 2012)
18000 15000

15,685 12,406

12000 9000 6000 3000

503
0
Chinese Taipei United States Republic of Korea New Zealand Philippines Australia Russia Mexico Canada Peru China Indonesia Hong Kong Colombia Singapur Thailand Malaysia Vietnam Japan Chile

Source: IMF

Colombias economic growth in recent years has allowed the country to reach a high position among Latin American economies in terms of GDP in current USD. Latin America GDP Current US$
10000

US billion (logarithmic scale)

1000

100

1980

1982

1984

1986

1988

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

2010

2012

10 Responsible Monetary Policy Argentina Brasil Chile Colombia

Source: IMF

Mexico

Peru

Venezuela

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COLOMBIA ON THE ROAD TO APEC

Over the last decade, the 1990s average inflation levels of 20% were reduced to single-digit figures due to the inflation targeting plan. A low inflation rate is a proof of macroeconomic stability. It currently stands comfortably within the Central Banks range (2%-4%) at a level close to 3%. Inflation Rate 1972-2016

35% 30% 25% 20% 15% 10% 5% 0%

22.1%

2.4%
1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Source: DANE IMF

Ination Rate

Average 77 -00

Fiscal Sustainability
Colombia is quickly reaching fiscal equilibrium as a result of its solid institutional framework mentioned above. The savings rate of the economy has increased by ten percentage points since 2000, reaching a level of 25% of GDP as of 2012. The new institutional fiscal framework has allowed a substantial increase in public savings (4.7% of GDP in 2012 vs. 1.0% of GDP in 2000).

15

COLOMBIA ON THE ROAD TO APEC

The investment rate is currently located at 29.2% of GDP, reaching its historical maximum. Colombia exhibited the highest increase of the investment rate in Latin America during the last decade, surpassing Brazil, Chile and Mexico. Tax collection has reached record levels due to dynamic growth and its rigorous administration. In 2012, tax collection reached a level of 15% of GDP. The consolidated public sector deficit has been reduced. In 2011 this deficit reached a level of 2% of GDP, and it is expected to further reduce to 0.7% of GDP in 2014. Debt sustainability will continue to be the foundation of Fiscal Policy. The Net Debt of the Non-Financial Public Sector reached a level of 26.4% of GDP in 2012. At the beginning of the 2000s decade, it was close to 40% of GDP. This suggests a reduction of 15% in just ten years. Balance of the Consolidated Public Sector (% of GDP)
0.1 0.0 -1.1 -2.3 -3.0 -0.7 -0.6 -2.0 -2.7 -3.3
Source: Ministry of Finance and Public Credit (* Forecast)

-0.1

-0.1

-2.8 -2.7

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012*

16

2013*

-4.6

COLOMBIA ON THE ROAD TO APEC

Net Debt* of the Non-Financial Public Sector (NFPS) as % of GDP

39.7 37.0 31.6 26.4 20.4 17.5 14.5 32.7 32.1 28.3 28.1 26.7 27.5 26.1 26.4 24.7 23.4 22.6 21.8 25.0 19.9 18.0 16.8 14.7 12.7 10.6

8.8

7.2

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013*

2014*

2015*

2016*

2017*

2018*

2019*

2020*

2021*

2022*

Source: Ministry of Finance and Public Credit (* Forecast)

International Confidence in the Colombian Economy

The economic reforms, sustained economic growth, and an improving perception by different economic agents have resulted in a competitive position for Colombia. In 2013, Standard & Poors, Moodys, and Fitch the worlds top three credit rating agencies raised Colombias sovereign debt rating to investment grade. The countrys ability to recover from external crises, its historic compliance of obligations, the improvement of its macroeconomic credibility and its evident improvement in security conditions were key factors in obtaining this recognition. Furthermore, in 2012, Standard & Poors raised Colombias sovereign debt perspective to positive based on the effective implementation of tax reforms that provide the country with a more solid financial outlook.

17

2023*

COLOMBIA ON THE ROAD TO APEC

Investment Ratings in Latin America

Source: Fitch Ratings.

Source: S&P Ratings

Colombias economic indicators remain positive. In addition to sensible fiscal policy decisions and low and sustained inflation levels, global markets also rely on the countrys economic stability. Colombia holds the second lowest risk perception in the region, determined by the Credit Default Swaps Index, which measures the interest rate paid in USD for a Colombian bond abroad against the interest rate paid for a US bond. In comparison to other countries in the region, such as Brazil, Mexico and Peru, Colombia received a lower risk perception.

18

COLOMBIA ON THE ROAD TO APEC

Social Reforms: Rising Standards of Living

Poverty Reduction
The populations poverty level improved from 49.7% in 2002 to 32.7% in 2012, while extreme poverty decreased from 17.7% to 10.4% during the same period. National poverty and extreme poverty
. . .

. .

Source: National Planning Department

. . .

. . . . . . . . .

. . . .

Colombia has one of the most inequitable distributions of wealth in the world and high poverty levels. With the aim of improving this situation, the government has recently created a comprehensive institutional framework. The Administrative Department for Social Prosperity (Departamento Administrativo para la Prosperidad Social, DPS) is an official agency created during the current governmental period with the goal of coordinating Colombias efforts towards assisting vulnerable populations and overcoming poverty. This agency will have a key role in supporting and assisting the victims of the Colombian conflict. One of the appointed entities is the

19

COLOMBIA ON THE ROAD TO APEC

National Agency for Overcoming Extreme Poverty (Agencia Nacional para la Superacin de la Pobreza Extrema, ANSPE), which has the purpose of leading the strategy to struggle against extreme poverty. The main goal is to help 350,000 families rise from extreme poverty (1,000,500 Colombian citizens).

Health Programs
Over the past decade, Colombias health coverage has improved from 56.6% to 91.4%. Health Coverage
45.000.000 40.000.000 35.000.000 30.000.000 25.000.000 20.000.000 15.000.000 10.000.000 5.000.000 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

91.4%
42.5 million

56.6%
23.9 million

Source: Ministry of Health and Social Protection

Education
Coverage education at pre-school, elementary and high school levels has significantly improved while higher education still has an opportunity to grow. The government has the challenge to improve the coverage of higher education and quality at all levels.

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COLOMBIA ON THE ROAD TO APEC

Education coverage
140% 120% 100% 80% 60% 40% 20% 0% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Pre-school Elementary Secondary Education Higher Education

115.3%

119.8% 105.1%

77.2%
72.8%

90.1%

37.1% 13.8%

Source: Ministry of Education National Planning Department

Job Formalization and Employment

The unemployment rate has improved continuously in the last years, reaching minimum historic levels of 10.8% by the end of 2011. For 2012 the unemployment rate stood at 10.4%, overlapping the Governments goal of attaining a single digit rate. Unemployment Rate 2002 2012. Annual Average (%)
16% 15% 14% 13% 12% 11% 10% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

15.0%

10.4%

Source: DANE

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COLOMBIA ON THE ROAD TO APEC

With the purpose to drive job creation and strengthen employment formalization for the benefit the most vulnerable sectors of the population in the job market, the government enacted Law 1429 of 2010. The objective of this Law is to reduce the obstacles to become part of the formal employment sector through the following actions: o Exemption from non-wage labor-cost charges during the first two years of operation, as well as proportional payments of 25, 50 and 75% during the following three years. o Income tax exemption during the first two years of operation, as well as proportional payments of 25, 50 and 75% during the following years. o Exemption from the Trade Register fee during the first year of operation, as well as proportional payments of 50 and 75% during the following two years.

A Successful Security Policy

Economic Growth and Security
The recent economic growth was made possible as a result or a successful security policy that helped to consolidate investors confidence in Colombia por The recent economic growth was made possible by a successful security policy that helped to strengthen investors confidence in Colombia. Y showed that insecurity matters for industries are no longer among the main issues affecting industrial growth in Colombia por showed that insecurity is no longer among the main issues affecting industrial growth in Colombia.

22

COLOMBIA ON THE ROAD TO APEC

Economic Growth and Security

Source: ANDI National Business Association of Colombia, 2013

The Road to Improve Security Level Conditions and Human Rights of Trade Unionists
Between 2002 and 2010, homicides against trade union members fell by 81% as shown by the Presidential Program for Human Rights statistics. The Colombian government has proactively engaged with trade unions to address this situation. Members of trade unions, producer guilds and national government representatives signed a tripartite agreement in 2006 to strengthen the defense of fundamental rights for workers and their unions, to promote decent work and free enterprise for employers. In May 2011, this agreement was updated and dubbed as the Action Plan on Labor Rights guaranteeing further protection for labor rights, such as the right to collective bargaining and additional resources for improving security of trade unionists.

23

COLOMBIA ON THE ROAD TO APEC

Another remarkable achievement was the passing of the Land Restitution and Victims Reparations Law, aimed at providing humanitarian aid, care, assistance, and retributions to especially vulnerable populations, including members of trade unions.

Colombia as an Emerging Global Player

A Dynamic and Growing Foreign Sector
In less than 10 years, exports have more than quadrupled, moving from US$ 13,129 million in 2003 to US$ 60,274 million in 2012. Between 2009 and 2011, there was a 73% growth. Exports, 2000 2012 US$ Million
70.000 60.000 50.000 40.000
USD Million

60.274

37.626 32.853 13.158 11.975

30.000 20.000 10.000 0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

2010

2011

2012

United States US$ 21,981 million 36.5% shared

China US$ 3,343 million 5.5% shared

Chile US$ 2,189 million 3.6% shared

Peru US$ 1,582 million 2.6% shared

Source: DANE (National Department of Statistics). Ministry of Commerce, Industry and Tourism calculations

24

COLOMBIA ON THE ROAD TO APEC

Since 2003, Foreign Direct Investment in Colombia has grown by 669%, moving from US$ 1,720 million to US$ 15,823 million in 2012. In addition, FDI grew by nearly 100% in the 2010 - 2011 periods. Furthermore, between 2000 and 2011, 53% of the worlds FDI investment flows into Colombia came mainly from the United States, England, Spain, Canada and Chile. FDI, 2000 -2012 US$ MILLION
15.823

8.939

3.683

Variation 20112012: +17.8% Source: Foreign currency balance of the Central Bank of Colombia.

Average 2000 - 2005

Average 2006 - 2011

2012

United States acummulated US$ 10,066 million 33.4% shared

Chile acummulated US$ 3,952 million 13.1% shared

Canad acummulated US$ 1,585million 5.3% shared

Mexico acummulated US$ 745 million 2.5% shared

*Share of all countries with positive cumulative investment, without reinvested pro ts or investments in the oil sector. Accumulated value 2000 2012: US $91,557 million

Colombia is also the country in the region with the third highest FDI inflows as percentage of the GDP.

25

COLOMBIA ON THE ROAD TO APEC

Venezuela 0.5%/3.2 Colombia 4.3%/15.8

Source: The Economist Intelligence Unit and Central Bank of Colombia.

Chile 48.7%/30.3 Argentina 1.9%/12.5

Inward FDI flow/GDP% Inward direct investment US$bn

Brazil 2.7%/65.2 Peru 5.4%/12.2

Colombia has been increasing its investment flows abroad since 2007. In 2011, it reached a record figure of US$8,289 million. The most important destinations for Colombian investment are: the United States, the United Kingdom, Panama, Brazil, and Peru. Energy and financial services are some of the top sectors for investment of Colombian companies abroad.

26

COLOMBIA ON THE ROAD TO APEC

FDI from Colombia US$ Million

10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 (1000.0)

8,304

-303
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 pr pr p p p p p p p p

Source: Central Bank of Colombia (pr-provisional. p-preliminary)

World Class Tourist Destination

The number of international visitors to Colombia has tripled in the last six years. In 2012, whilst world tourism grew by 4%, tourism in Colombia increased by 7%, reaching 1.69 million. Also, cruise line visitors multiplied six-fold in the last five years. In 2012 Colombia won the "Long Haul Up and Coming Destination of the Year category of the prestigious Travel Agents Choice Awards 2012, which recognizes the best of the tourism business every year. The cities of Cartagena, Medellin, Cali, Santa Marta and Bogota are among the most popular Colombian destinations within the British travel market, as well as the ever-more popular coffee triangle. This recognition confirms the great potential of Colombia as a tourist destination for British travelers.

27

COLOMBIA ON THE ROAD TO APEC

Improvement in Competitiveness Indicators

Colombia is the third most business-friendly country and the top reformer in Latin America, as well as the sixth country in the world and the first in the region that best protects its investors, according to the World Banks Doing Business Report 2013. Doing Business Ranking, 2008 2013 Change in the number of positions

Source: Doing Business Report. 2013. World Bank

Compared to APEC member countries, Colombia has had a dynamic performance in terms of quality and competitiveness in the business environment. Colombias scores on several of its International Finance Corporation (IFC) indicators were similar to APEC regional average and were better in indicators like building permits, labor legislation and investor protection.

28

COLOMBIA ON THE ROAD TO APEC

Percentile ranking 100: Best Practice

Ease of Doing Business Rank 180 Enforcing Contracts 150 120 90 Trading Across Borders 60 30 0 Dealing with Construction Permits Starting a Business

Source: Doing Business Report. 2013. World Bank.

Registering Poverty

Paying taxes

Protecting investors

Getting Credit

Colombia OCDE High Income European Union Latin America & Caribbean

Free Trade Agreements

Republic of Korea

Source: Proexport, 2013 29

COLOMBIA ON THE ROAD TO APEC

The countrys trade integration agenda also includes 31 International Investment Agreements (IIA) (in force, signed and in process of negotiation), and 16 agreements to prevent double taxation (DTA) with 20 countries (in force, signed and in process of negotiation).

International Investment Agreements

IN FORCE Canada SIGNED European Union Iceland Japan Norway UK Republic of Korea Singapore IN NEGOTIATION Costa Rica

Chile China El Salvador Guatemala Honduras India Liechtenstein Mexico Peru Spain Switzerland United States

Israel Kuwait Panama Belgium Turkey Uruguay Qatar Azerbaijan Russia Ecuador

Source: Proexport, 2013

30

COLOMBIA ON THE ROAD TO APEC

Double Taxation Agreements

IN FORCE
Bolivia Canada Chile Ecuador Peru Spain Switzerland

SIGNED
Czech Republic India Mexico Portugal Republic of Korea

IN NEGOTIATION
Belgium France Germany Japan Netherlands United States Czech Republic Curacao

Source: Proexport, 2013

One of the Worlds Leading Economies by 2050

According to the Hong Kong and Shanghai Banking Corporation (HSBC) report on the growth projections of the economies of the world by 2050, Colombia is amongst the 30 best economies, ranking 26th and moving up 13 positions in the classification. The report estimates that the Colombian GDP in 2050 will increase to 725 billion in constant 2000 USD, which represents an increase of 510%, from the 2010 level of 142 billion. The report indicated GDP growth per capita, demographics and investment environment as the variables with the highest relevance. Assisted by a promising demographic growth perspective, Latin America generates good economic growth rates. Colombia has seemed to adjust to this trend by generating the highest growth rates in the region.
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COLOMBIA ON THE ROAD TO APEC

A Promising Market
Colombia is the second most promising market for investment in Latin America over the next three years.

If you were to invest in a Latin American country in the next three years, where would you invest?

Colombia is earlier in its growth cycle and more emerging than many other countries in the region The Colombian government seems probusiness and is taking right steps toward encouraging investment in the country
Source: North American and European Investors Opinion of Latin American Companies. J.P. Morgan. 2011

32

COLOMBIA ON THE ROAD TO APEC

The UNCTAD 2012 World Investment Report ranks Colombia as one of the countries in the region with the highest potential and effective attraction for foreign direct investment in line with the investors expectations.

High

Uruguay Panama

Brazil COLOMBIA Peru Chile

Above expectations

Nicaragua FDI Attraction index

Honduras Costa Rica

Dominican Republic

Mexico In line with expectations Argentina

Belize

Trinidad and Tobago Bolivia Guatemala

Haiti

El Salvador Paraguay

Below expectations Ecuador Venezuela

FDI Potential Index

High

Source: World Investment Report, UNCTAD 2012

33

Colombia
and APEC
Economic Policy
Colombia has a sustained record of sound economic policies and very strong economic foundations, as well as institutional and policy frameworks. Fiscal discipline and responsible management of public finances and debt, supported by a strong fiscal institutional framework, including fiscal rules and fiscal sustainability. A strong macro prudential framework that has shielded the economy. Colombia had a positive growth during the most recent world economic crisis, growing 3.5% in 2008 and 1.7% in 2009. Its financial system was profitable in both years, with $6.6 billion pesos in 2008 and $8.5 billion pesos in 2009. In 2012, the economy grew at a healthy rate of 4%, and it is expected to grow around 4.1% during 2013.
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COLOMBIA ON THE ROAD TO APEC

The Colombian authorities have responded appropriately to the global financial crisis and have demonstrated their commitment to maintain this solid record.

Asia Pacific and national Development Goals:

The National Development Plan 2010-2014 continues the lines of previous plans in the process of internationalizing the Colombian economy. One of the goals included in the Plan refers to the integration of Colombia with the Asia-Pacific countries. The actions to achieve that integration are aimed at strengthening political and economic relations, promoting cooperation and capacity building in the strategic industries of the Productive Transformation Program, and promoting Foreign Direct Investment and tourism from Asian countries to Colombia. As a result of these actions, Colombia has signed and is in the process of negotiating several Free Trade Agreements (FTA) with APEC members, including the United States, Canada, Mexico, Chile, Peru and South Korea, and it is in negotiations with Japan. Also, Colombia has International Investment Agreements (IIA) with various APEC members: the United States, Canada, Mexico, Chile, Peru, China and Singapore. Colombia is one of the four members of the Pacific Alliance, along with Chile, Peru and Mexico, all of them members of APEC.

Colombian Exports to APEC Economies

In 2012, Colombian exports to APEC economies reached USD$ 32,574 million, 8% more than in 2011 (USD$ 30,118 millions). Exports to APEC in 2012 accounted for 54% of total Colombian exports.
35

COLOMBIA ON THE ROAD TO APEC

Main APEC economies to which Colombia exported during 2012: United States: nearly USD$ 21,980 million (67% of total exports to APEC economies) China: over USD 3,343 million (10% of total exports to APEC economies) Chile: over USD 2,189 million (7% of total exports to APEC economies) Exports from Colombia to APEC economies 2012 USD million FOB (Percentage of the total exports to APEC)
OTHERS 2% REPUBLIC OF KOREA 1% JAPAN 1% HONG KONG 1% SINGAPORE 1% CANADA 1% MEXICO 3% UNITED STATES 67%

PERU 5%

CHILE 7%

CHINA 10%

Source: DANE/OEE- DRCMinCIT

36

COLOMBIA ON THE ROAD TO APEC

Colombian Imports from APEC Economies

In 2012, Colombian imports from APEC economies reached USD$38,234 million, 8% more than in 2011 (USD$35,407 million). Imports from APEC economies in 2012 accounted for 69% of total Colombian imports. Main APEC economies to which Colombia imported during 2012: United States: over USD$ 14,062 million (37% of total imports from APEC economies) China: nearly USD 9,565 million (25% of total imports from APEC economies) Mexico: over USD 6,362 million (17% of total imports from APEC economies) Imports to Colombia from APEC economies 2012 USD million CIF (Percentage of total Imports from APEC)
OTHERS 4% RUSSIA 1% CHINESE TAIPEI 1% PERU 2% CHILE 2% CANADA 3% REPUBLIC OF KOREA 3% UNITED STATES 37%

JAPAN 4%

Source: DANE/OEE- DRCMinCIT

MEXICO 17%

CHINA 25%

37

COLOMBIA ON THE ROAD TO APEC

Colombia - APEC Trade Balance

Colombia - APEC Trade Balance 2012 (USD million)
35,407 30,118 23,609 25,741
Exports Imports Trade Balance

38,234 32,574

2010

-2,132

2011

2012

Source: DANE/OEEDRCMinCIT Calculations

-5,289

-5,660

38

COLOMBIA ON THE ROAD TO APEC

Colombian Exports to APEC vs. Imports from APEC economies 2012 (USD million FOB)
UNITED STATES CANADA MALAYSIA 3.000 THAILAND CHINA SINGAPORE INDONESIA NEW ZEALAND CHILE HONG KONG RUSSIA THE PHILIPPINES PERU JAPAN CHINESE TAIPEI VIET NAM MEXICO REPUBLIC OF KOREA AUSTRALIA

Total Imports APEC countries (USD billons)

2.500

2.000

1.500

1.000

Source: TRADEMAP/OEEDRCMinCITv

500

10 -500

100

1.000

5.000

50.000

USD Millons

This bubble chart shows the position of Colombian exports to APEC economies, where the size of the circle is proportional to the Colombia's participation in total imports of each APEC economy. The vertical axis shows the total imports from APEC economies, while the horizontal axis shows the exports from Colombia to APEC economies.

Foreign Direct Investment from APEC Economies in Colombia

According to the Central Bank Balance of Payments, during the period 2002-2012 FDI flows from APEC economies registered a 13% CAGR (Compound Annual Growth Rate) reaching USD 15,791 million.
39

COLOMBIA ON THE ROAD TO APEC

FDI reached an outstanding record during 2012 when inflows from APEC economies registered USD 3,959 million, an increase of more than a 170% regarding the previous year. Foreign Direct Investment from APEC in Colombia 2002 2012, (USD million) Total FDI: USD 15,791
3,959.0

2,496.1 1,761.6 992.2 383.9

2002 2003

1,468.7 735.4 -30.7

1,588.8 913.8
2004 2005 2006

1,522.0

Source: Balance of Payments Central Bank of Colombia

2007

2008

2009

2010

2011

Foreign Direct Investment from Colombia to APEC economies 2002 2012, (USD millions) Total FDI: USD 12,071
4,435

1,544 1,095 551 586

2002 2003

2012

1,229 59
2004 2005

1,062

902

Source: Balance of Payments Central Bank of Colombia

280
2006

330
2007 2008 2009 2010 2011 2012

40

COLOMBIA ON THE ROAD TO APEC

According to the Central Bank Balance of Payments, during the period 2002-2012 FDI outflows from Colombia to APEC economies registered a 4.5% CAGR (Compound Annual Growth Rate), reaching USD 12,071 million. FDI in 2011 stands out, when outflows from Colombia to APEC economies registered an amount of more than USD 4,435 million, an increase of more than a 300% regarding the previous year and a CAGR (Compound Annual Growth Rate) over 23%. Greenfield Projects from APEC Economies in Colombia by Sector 2003-April 2013 Number of Projects: 394

Others 31%

Software & IT services 12% Financial Services 11% Consumer Products 9%

Leisure & Entertainment 4% Business Services 5% Textiles 5%

Coal, Oil and Natural Gas 9%

Automotive OEM 5%

Communications 9%

Source: FDI Markets, April 2013

41

COLOMBIA ON THE ROAD TO APEC

According to FDI Markets, between 2003 and April 2013, Greenfield investment from APEC economies to Colombia has concentrated on the following sectors: Software & IT Services (11.7%), Financial Services (10.9%) and Consumer Products (9.1%), among others. Greenfield Projects from Colombia to APEC Economies by Sector 2003- April 2013 Number of Projects: 61
Financial Services 5% Business Services 5% Hotels & Tourism 7% Textiles 8% Plastics 10% Transportation 12%

Others 8%

Food & Tobacco 16%

Software & IT services 16%

Coal, Oil and Natural Gas 13%

Source: FDI Markets, April 2013

According to FDI Markets, between 2003 and April 2013, Greenfield investment from Colombia to APEC economies has concentrated on the following sectors: Food & Tobacco (16.4%), Software & IT Services (16.4%) and Coal, Oil and Natural Gas (13.1%), among others.

42

COLOMBIA ON THE ROAD TO APEC

Private sector involvement with APEC

In 2004 and from 2008 onwards, Colombian business leaders have been invited to attend APEC CEO Summits. The collaboration of the National Business Association (ANDI) contributed to the development of a close relationship and partnership between business communities in Colombia and APEC. In July 2013, ANDI was invited to participate in the meeting of the ABAC Working Group on Finance and Economics in Kyoto, Japan, where it was announced also the invitation as observer in the Economic Regional Integration Working Group.

COLLABORATION OF COLOMBIA IN APEC ACTIVITIES: SOME RECENT DEVELOPMENTS

Investment Expert Group (IEG) Colombia seeks to learn from the experiences and good practices of the APEC economies. As a whole, Colombia deems this scenario as an opportunity to exchange developments and critical issues on foreign investment with other economies which share the past and current concerns that our country has had upon the realities of foreign investment for a permanent improvement of the national investment policy.

43

COLOMBIA ON THE ROAD TO APEC

Date Place Meeting Contribution Colombia made its standard Country July 2009 Singapore Inves tment Experts Group (IEG) Presentatio n, which includes Proexports message to explain the Colombian social, political, and economical context. September 2009 Inves tment Experts Group (IEG) Colombia presented its latest developments regarding investment climate and its current interna tional treaty negotiations. Colombia presented its investment regime, including the benefits towards foreigners included in the law. Colombia presented its Investor State May 2010 Sapporo Japan Inves tment Experts Group (IEG) Dispute Settlement Mechanism strategy for the prevention and correction of administrative claims, which includes a policy document (CONPES).

Singapore

February 2010

Hiroshima Japan

Inves tment Experts Group (IEG)

Participation

Colombia explained its investment promotio n September 2010 Sendai Japan Inves tment Experts Group (IEG) strategy towards the Asia-Pacific Region, including treaty negotia tions and Proexports new offices. Colombia presented its general investment policy and made an evaluatio n of APECs NonFebruary 2011 Washing ton USA Inves tment Experts Group (IEG) Bind ing Investment Principles in relation to the Colombia n internatio nal commitments in order to understand the possibility of accepting such Principles. Inves tment Experts Group (IEG) Colombia made an update of its current investment work, and its participatio n in other interna tional fora. Colombia explained its process to adhere to the OECDs Declaratio n on International Inves tment and Multinatio nal Enterprises.

May 2011

Big Sky USA

September 2011

San Francisco USA

Inves tment Experts Group (IEG)

44

COLOMBIA ON THE ROAD TO APEC

Date

Place

Meeting

Contribution Colombia presented its new policy to support

February 2012

Moscow Russia

Inves tment Experts Group (IEG)

Colombian Outward Foreign Direct Inves tment, as a result of a stronger insertion by national co mpanies in the global market. Colombia explained its national policy for the prevention and ma nagement of internatio nal investment disputes derived from

March 2012

Singapore

Inves tment Experts Group (IEG)

Internatio nal Investment Agreements. The presentation included the policy paper CONPES 3684 2010 and the explanation of the National System for the facilitatio n of Inves tment (SIFAI). Colombia explained, in detail, the prevention

Participation
May 2012 Kazan, Russia Inves tment Experts Group (IEG)

strategy for internatio nal investment disputes. The presentation included the description of the methodology used in the workshops taught by the Directorate of Foreign Inves tment and Services, adjunct office of the Ministry of Trade, Industry and Tourism, which was provided to public servants of the national and municipal levels. Colombia presented the current investment policy towards sustainable investment. The presentatio n embodied the milesto nes from 2005 to the da te of the presentatio ns and supported a consistent position towards March 2013 Surabaya, Indonesia Inves tment Experts Group (IEG) sustainability. papers, This included Social local policy Corporate Responsibility

Agreements within International Investment Agreements, Colombias Initiatives in regional integratio n processes (Andean Community and Pacific to Allia nce), the and Colombias for adherence OECD Guidelines

Multinational Enterprises.

45

COLOMBIA ON THE ROAD TO APEC

Date Place Meeting Contribution Colombia gave an upgrade of the outward foreign direct investment policy. The first presentation in this regard was done in Moscow, 2012. This time in Medan, Colo mbia presented the

Participation

June 2013

Medan, Indonesia

Inves tment Experts Group

latest developments emphasizing as a key issue of the policy the suggestio n to the competent a uthorities to cons truct a model text of an agreement o n Temporary Entr y for Business Persons drafted in a way that could be negotiated and entered in to force by itself, that is, independently from a Free Trade Agreement.

In Kazan, Russia, Colombia participated in the workshop of public private dialogue, in which Colombia presented a complete explanation of Law 1508 of 2012 about Public and Private Alliances, which was in force at that time. Colombia supported the Disputes Prevention Strategies project, which was funded by the United States. This was finally published within an APEC official handbook, being a chapter titled Colombian Case Study. Colombia reached its objective of exchanging critical issues on investment. Through its participation in the Investment Experts Group, Colombia demonstrated how its investment framework meets various elements identified as good practices within IEG, specifically in relation to the prevention and management of international investment disputes.

46

COLOMBIA ON THE ROAD TO APEC

Group on Services (GOS)

Colombia joined the Group on Services in 2012, seeking for references on how to deal with the statistics on services, as well as good practices that could be applied in the ongoing design of the national policy on trade of services.
Date Place Meeting Contribution Colombia explained its new policy aimed at February 2012 Moscow Russia strengthening the services sector towards Group on Services (GOS) exports. This policy includes improving statistics, private fina ncial support, and better public-priva te coordination. Colombia showed the share of trade in March 2012 Group on Services (GOS) Singapore services in the national economy, as well as the method followed to develop statis tics on local trade services and international trade services. Colombia presented the data developed as of

Participation

May 2012

Kazan, Russia

Group on Services (GOS)

the date of its presentatio n by the na tional Statistics Committee, regarding trade in services in Colombia. Colombia was asked to present the bilateral trade balance with APEC economies. Colombia did not ha ve updated data available. The Colombian gover nment presented a contrast

March 2013

Surabaya, Indonesia

Group on Services (GOS)

between the services trade share in the nationals GDP of the APEC economies and that of Colombia. Also, it presented the composition of the service sector within the Colombian eco nomy a nd the APEC econo mies as a whole. Colombia presented how the country is

dealing with measuring s tatistics on services, specifically the way its performing the Manual June 2013 Medan, Indonesia Group on Services (GOS) on Statis tics of Interna tional Trade in Services (MSITS 2002) a nd how is intending to shift to

47

February 2012

Moscow Russia

Group on Services (GOS)

exports. This policy includes improving statistics, private fina ncial support, and better public-priva te coordination. Colombia showed the share of trade in services in the national economy, as well as the method followed to develop statis tics on local trade services and international trade Contribution services. Colombia new policy aimed at Colombia explained presentedits the data developed as of strengthening the services sector towards the date of its presentatio n by the na tional exports. This policy includes improving Statistics Committee, regarding trade in statistics, private fina ncial support, and better services in Colombia. public-priva te coordination. Colombia was asked to present the bilateral Colombia showed share of trade Colombia in trade balance with the APEC economies.

COLOMBIA ON THE ROAD TO APEC Group on Services (GOS)

March 2012 Date Singapore Place Meeting

February May 2012 2012

Moscow Kazan, Russia Russia

Group Group on on Services Services (GOS) (GOS)

Participation

March 2012 March 2013

Group on Services (GOS) Singapore Surabaya, Indonesia Group on Services (GOS)

services in the national economy, as well as did not ha ve updated data available. The the method followed to develop statis tics on Colombian gover nment presented a contrast local trade services and international trade between the services trade share in the services. nationals GDP of the APEC economies and that of Colombia. Also, it presented the Colombia presented the data developed as of composition of the service sector within the the date of its presentatio n by the na tional Colombian eco nomy a nd the APEC econo mies Statistics Committee, regarding trade in as a whole. services in Colombia. Colombia presented how the country is Colombia was asked to present the bilateral dealing with measuring s tatistics on services, trade balance with APEC economies. Colombia specifically the way its performing the Manual did not ha ve updated data available. The on Statis tics of Interna tional Trade in Services Colombian gover nment presented a contrast (MSITS 2002) a nd how is intending to shift to between the services trade share in the the latest version of the MSITS, 2010. nationals GDP of the APEC economies and that of Colombia. Also, it presented the composition of the service sector within the Colombian eco nomy a nd the APEC econo mies

May 2012

Kazan, Russia

Group on Services (GOS)

June 2013 March 2013

Medan, Indonesia Surabaya, Indonesia

Group on Services (GOS) Group on Services (GOS)

In the Group on Services, Colombia has as made significant progress, in a whole. particular in the workshops developed within the framework of the Senior Colombia presented how the country is Official Meetings. Also, it should be said that the toolkit or the web page dealing with measuring s tatistics on services, Services Trade Forum facilitated the Colombian Governments research of specifically the way its performing the Manual foreign regulations in services, which hasoncontributed key to the Medan, Statis tics of Interna tionaldata Trade in Services June 2013 Group on Services (GOS) Indonesia ongoing design of the national policy. (MSITS 2002) a nd how is intending to shift to Colombia remarks the workshop Measuring Services Trade Statistical capacity Building and Networking, held in Medan, Indonesia, on June 25th and 26th 2013, in which Colombia obtained valuable information on how to deal with statistics in services and got access to contact details of the officials of APEC economies working on statistics.
48
the latest version of the MSITS, 2010.

COLOMBIA ON THE ROAD TO APEC

Sub-Committee on Customs and Procedures (SCCP)

The objectives of Colombia in participating in this sub-committee are: To share its different best practices and trade facilitation policies which have reduced costs and time in foreign trade operations, including the progress in the Single Window for Foreign Trade. To learn about the best international practices of APEC economies, in order to implement them in Colombia stimulating trade, making institutions more efficient and businesses more competitive. To establish reliable supply chains through the implementation of the Authorized Economic Program. To strengthen partnerships between the public sector and companies, in order to address effectively the issues concerning trade facilitation.
Place Meeting Contribution Colombia made a presentation about basic information on its economy, prospects for the Colombian Single February 2012 First Meeting of the SubMoscow, Russia Committee on Customs and Procedures 2012 Windo w for Foreign Trade, Risk Management System and the Simultaneo us Inspection of Merchandise, Implementatio n of the Authorized Economic Operator, and its experience in the use of digital certificate of origin. Colombia reported the new developments of its Single Window: Simultaneous Inspectio n of Merchandise for Imports and Logistics Modules. A Risk Management System was also implemented, in order to classify requests,

Participation

49
May 2012 Kazan, Russia

Second Meeting of the Sub-Committee on

by level of risk, for approvals prior to import and export, reducing the time of

COLOMBIA ON THE ROAD TO APEC

Place Meeting Contribution Colombia reported the new developments of its Single Window: Simultaneous Inspectio n of Merchandise for Imports and Logistics Modules. A Risk Management System was also Second Meeting of the May 2012 Kazan, Russia Sub-Committee on Customs and Procedures 2012 implemented, in order to classify requests, by level of risk, for approvals prior to import and export, reducing the time of the ma nual revision process and increasing the efficiency of the system. Progress on AEO was presented, such as an online self-evalua tion, which was designed for companies to measure their level of preparation in joining the program. Chile thanked Colombia for sending the

Participation
January 2013 Jakarta, Indonesia

questionnaire related to Chokepoint No 4 First Meeting of the SubCommittee on Customs and Procedures 2013 of the SCCP 2013 Work Program: Inefficient clearance; Lack of coordinatio n. Colombia showed its interest in participating in AEO events scheduled for 2013. Colombia reported progresses in the implementa tion of the AEO Program and shared some activities of the action pla n of Regional Strategy, approved in the last May 14 2013
th

directors meeting of the WCO. Santiago de Chile, Chile Second Workshop on Regional Capacity Building Program AEO The United States and Canada were invited to visit Colo mbia this year to review the authorization processes and provide operational support in the validation visits and work on an actio n plan for the implementa tion of a Mutual Recognitio n Agreement in the future.

and 15 ,

th

June 2013

Medan, Indonesia

50 Second Meeting of the

Sub-Committee on

Colombia presented the progress in the implementa tion of the Risk Management

COLOMBIA ON THE ROAD TO APEC

Place Meeting Contribution Colombia presented the progress in the implementa tion of the Risk Management System and the improvement of Colombian competitiveness, tha nks to the improvements in response time of approvals prior to import and the Simultaneo us Inspection System for Exports in the Single Window for Foreign Trade.

Participation

Second Meeting of the June 2013 Medan, Indonesia Sub-Committee on Customs and Procedures 2013

Colombia has played a very active role through its guest status, participating in the development of the SCCP work program, sharing the situation in Colombia in diverse issues and learning from valuable experiences of the Pacific Rim economies. The perspectives for the future are, among others: To learn the best international practices to enhance continuous efficiency improvements for government entities and business competitiveness. To deepen trade facilitation policies, aiming to reduce time and costs and optimize processes in the logistic chain of foreign trade. To enhance cooperation with the APEC economies in the SCCP prioritized topics. To strengthen the partnership between the public and business sector in addressing the issues related to trade facilitation.

51

COLOMBIA ON THE ROAD TO APEC

Tourism Working Group (TWG)

The aim of Colombia in participating in this Working Group is related to the presentation of Colombian experiences, and learning from the experiences of others, regarding the main objectives of this group: To remove the barriers for investment in tourism and business development. To increase mobility for visitors and demand for tourism goods and services. Sustainable management of tourism outcomes and impacts. To enhance recognition and understanding of tourism as a vehicle for economic and social development.
Date Place Meeting Contribution Present Colombia as a guest country in the Tourism Working Group. April 2012 Chinese Taipei 40th Tourism Working Group Present an overview of Colombia n tourist sector, which included air connectivity, tourist sector input to GDP, and employment, amo ng others indicators.

Participation

The evolution of tourism in Colombia is equal or, in some cases, better than in other APEC members. It is expected that decisions adopted by APEC, will be considered in Colombias tourist policies, especially for tourist facilitation (visas).

52

COLOMBIA ON THE ROAD TO APEC

Small and Medium Enterprise Working Group (SMEWG)

The Ministry of Trade, Industry and Tourism has among its goals to encourage the development of small and medium enterprises and build their capacity to engage in international trade through their insertion in Value Chains. The issues, on which the APECs Small and Medium Enterprises Working Group (SMEWG) focus, are essential to Colombias bid to become a member of that group.
Date August Place St. Petersburg, Russia Meeting 35th Small and Medium Enterprise Working Group Contribution Colombia highlighted its economic development and summarized the progress made by SMES and entrepreneurs, in its strengthened entrepreneurship ecosystem.

Participation

2012

Colombia has focused on emphasizing the advances made on its economic development process. The progress has been achieved by strengthening the entrepreneurship ecosystem and fostering more and better companies. This has come through 3 strategies: 1) A differential approach design, 2) Collective actions, and 3) Platforms for conversation.

Electronic Commerce Steering Group Data Privacy Sub Group

The collaboration of Colombia in this group is aimed to position the performance of the Deputy Superintendence for Data Protection of the Superintendence of Industry and Commerce at the international level and in particular in the Asia-Pacific region.
53

COLOMBIA ON THE ROAD TO APEC

Date Place Jakarta, Indonesia Meeting Electronic Commerce Steering Group Data Privacy Sub -Group (ECSG-DPS) Meeting Contribution Colombia presented its recent progress in data protection.

Participation

January 2013

Colombia has focused on emphasizing the progress made in the field of data protection, and is already working with some APEC member economies on exploring interoperability mechanisms for the transfer of personal data and on enforceability of the legal instruments concerning data protection.

54

May 14 2013

th

and 15 ,

th

Santiago de Chile, Chile

Second Workshop on Regional Capacity Building Program AEO

implementa tion of the AEO Program and shared some activities of the action pla n of Regional Strategy, approved in the last directors meeting of the WCO.

L ib ertad

y O rd e n

Ministry of Foreign Affairs

Republic of Colombia

L ib ertad

y O rd e n

Ministry of Trade, Industry and Tourism

Republic of Colombia