Trade
By:
Briefcase
June 6, 2024 6:01 p.m. m.
The Government of President Gustavo Petro I would be studying the possibility of ban coal exports to Israel. This would be the first decision that Colombia would make regarding the commercial relationship with the Asian nation after having broken diplomatic relations.
Nevertheless, Prohibiting the sale of this good would go against the commercial commitments that Colombia assumed in the past with Israel.simultaneously putting at risk confidence in the markets and in foreign investors, according to the Colombian Mining Association (ACM).
(More: Congress would be about to approve a project to prohibit mining in the Coffee Region).
“It should be taken into account that Colombia and the State of Israel signed a Free Trade Agreement in 2014, reviewed by the Constitutional Court, which has been in force since 2020. This provides that no prohibitions or restrictions can be adopted or maintained. to the import or export of goods from the other country“explains the union.
Coal PHOTO: iStock
The ACM assures that Restrictions may be made temporarilyonly with essential goods and under “critical and specific circumstances“, duly verified, as a acute shortage of foodyes.
(More: Seven proposals from experts to give a boost to the Colombian economy).
“If not, the agreed commitments would be breached, and the Agreement would have to be denounced. In addition, other International Agreements that cover the marketing conditions of coal exporting companies could be affected,” explains the guild.
Colombia and Israel iStock
(You can read: How important mining is for the economy in Latin American countries).
And adds: “In a complex economic situation like the current one, with low levels of collection and deep needs in terms of social investment, it is essential to responsibly consider the viability of this type of measures and the various factors that come into play such as: foreign trade implications , failure to comply with international commitments and above all the impact that this would have on the well-being and development of the country“.
BRIEFCASE
