Colombia has concluded negotiations for a free trade deal with Canada, even as the U.S. Congress balks at a similar accord.
The deal must still be approved by both nations' legislatures. It will slash tariffs on Canadian farm and industrial products and boost access for Canadian investors and mining and energy service providers.
Canada's Foreign Affairs and International Trade Ministry said Saturday the deal includes labor and environmental agreements that require enforcement of local environmental laws and include up to $15 million penalties for labor violations.
Trade between Colombia and Canada reached US$1.2 billion last year, while Canadian investment in the South American country was US$726 million.