MercoPress. South Atlantic News Agency

Belt and Road Initiative: Colombia and China sign key trade deal

“We are creating the framework for a work plan that will allow us to combine our efforts,” Rusinque explained

Colombia's Superintendency of Industry and Commerce (SIC) and China's State Administration for Market Regulation signed a memorandum of understanding to strengthen trade cooperation and advance the South American country's participation in the “Belt and Road Initiative” (also known as the “Silk Road”).

Thursday's memorandum aims to improve the regulation, supervision, and safety of products exchanged between the two countries. It will strengthen cooperation in competition, industrial property, and consumer protection. The initiative seeks to reduce Colombia's US$14 billion trade deficit with the Asian country, attract Chinese investment, and diversify exports.

The agreement signed in Bogotá promotes joint projects in infrastructure, such as roads and railways, and encourages cooperation in technology, research, and innovation. It includes a commitment to developing clean technologies and sustainable practices in sectors like construction, transportation, and agriculture. The understanding also follows Colombia's formal accession to the Belt and Road Initiative on May 14 and is intended to build trust and facilitate the integration of both economies into global value chains.

SIC Chief Cielo Rusinque considered the tool to be of great importance, as it reaffirms the firm will of both nations to work decisively to strengthen mutual cooperation. The SIC identified a set of strategic areas in which cooperation can be strengthened, such as jurisdictional matters, industrial property, legal metrology, and consumer protection. “The combination of these capabilities and needs will allow us to move toward safer, more innovative, and more sustainable trade, and will facilitate the integration of our economies into global value chains, while strengthening trust between our institutions,” Rusinque said.

“With this instrument, we are creating the framework for a work plan that will allow us to combine our efforts in strategic and cutting-edge market sectors to guarantee the effective enjoyment of consumer rights in our nations, thus reinforcing the spirit of international cooperation that guides us,” Rusinque also explained.