The trade provisions are contained in Chapter 2 and refer to WTO law. The lists of specific obligations of each party are included in Appendix XV. These lists are reviewed every three years with the aim of further liberalizing trade in services between the two parties. According to Eurostat data, free trade between the two regions has increased over the past six years, reaching more than 11 billion euros in 2018. Colombia`s main exports to the EU are coal, bananas, coffee, oil and palm oil. Overall, conference participants agreed that the Free Trade Agreement (FTA) has helped diversify Colombian exports and facilitate access to the European market. With regard to the free trade agreement that enters into force, PROCOLOMBIA predicts that more than 818 Colombian products will benefit from the agreement; Studies show that the export opportunities of the Colombian agricultural industry include exotic fruits, fresh flowers, exotic tropical leaves, fruits, vegetables, coffee, processed seafood, value-added sauces, snacks and spirits such as rum. In terms of manufacturing; Opportunities can be found in natural cosmetics, pharmaceuticals and body care. The free trade agreement will also provide better market access for service sectors such as consulting, call centres, online translation, data processing, IT services, design services and professional services.  Ncekara, A. and Ustaolu, M. (2012).
The European Union`s multilateralism in landfills, customs unions and free trade agreements: comparative swot analysis of the Turkish and South Korean automotive industries. Procedia – Social and Behavioral Sciences, 58, 464-473. doi.org/10.1016/j.sbspro.2012.09.1023 free trade agreements were concluded in the 1970s, and their spread has been remarkable, particularly since the last decade of the 20th century. The growth of these agreements is the result of the integration of large economic unions with smaller national states through bilateral free trade agreements. Today, there are about 305 trade agreements signed within the World Trade Organization (WTO, 2018). The Dispute Settlement Chapter (Chapter 12) contains rules and procedures for resolving disputes arising from the agreement between one or more EFTA states and Colombia. As soon as the agreement enters into force, most industrial products, including fish and other seafood, will have duty-free access to the respective markets of efTA states. For products imported into Colombia, most tariffs will be abolished after transitional periods of up to nine years. This asymmetric treatment reflects the differences in economic development of the contracting parties.
The free trade agreement between Colombia and the European Union was concluded in August 2013.