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Colombia

Colombia is already the 21st largest market for the export activities for the U.S. And now since the approval of U.S.-Colombia Trade Promotion Agreement by the President of United States Of America, Barack Obama, it is most certain that the existing trading opportunities will increase even more significantly. This agreement ensures that the U.S. interests will be protected while upholding the rule of law in Colombia. Colombia is a very risk adverse country, thus while it will feel no threat to its legal structure and culture, it will help reduce the trade barriers, creating a more stable environment that will lead to cheaper and easier export of products and services for the U.S. traders. According to the statistics stated by export.gov, the U.S. international Trade Commission is forecasting an increase of U.S. GDP by nearly $2.5 billion and U.S. merchandise exports by almost $1.1 billion, because of the probable elimination of tariffs and related encumbrances in Colombia. According to an estimate almost 80% of the export of consumer and industrial products will become duty free and the remaining tariffs will be distributed over a period of 10 years. Especially after the estimated cost of duties of $70 million, from 2008 to 2010, these reductions of charges will significantly lower our costs of trading thus guaranteeing that our products will be distributed on a more cost effective basis and in this way we can focus on a larger distribution plan for our chocolate products in Colombia’s market base. Colombia has signed agreements with EU in 2008 along with many other countries, some of which include Canada, Chile, El Salvador, Mexico and Guatemala. So after the implementation of its agreement, the exporters of EU are expected to enjoy a benefit of 4.1% average tariff over the U.S. exporters, but if the U.S. Colombia TPA is brought into action at the same time it will give us an advantage of 1.7% tariff over the EU. So it’s clear that as soon as these policies are implemented, we will have an advantage over other potential global competitors in the form of cost effectiveness, this way we will be able to focus on our distribution and marketing plans rather than fretting over our unavoidable costs relating to our export. Custom procedures have also been simplified except the fact that the imports are kept in holding for sometime before released, consequentially we will have to make sure that our products are able to survive without refrigerators for a few days Colombia has a population of 45 million. Its largest cities are Bogota D.C. Medellin, Cali, Barranquilla and Cartagena. So we will be focusing on them initially. It has two legislative houses: Senate and the House of Representatives. The president, who is elected only for a single term of four years, is both the chief of state and the head of government. So while we are there we will have to follow the policies accordingly so as to not jeopardize our relations with the government. The main language of the country is Spanish. Many business people have the understanding of English language but as it is not that widely understood or spoken so we will have to make sure that the labels of our chocolate products read in Spanish. 95% of the population is Roman Catholic but freedom of religion is guaranteed. The people are highly ambitious and status oriented. But the culture as a whole is yet collectivist rather than individualistic. People are very loyal to their own communities or groups and highly competitive towards other social classes. And the more they are tied to highly stabilized and influential corporative groups, as a reward to their performance, the more favors and benefits they can derive from the community. Socially, ...Show more

Summary

Our company is looking forward to expanding our chocolate products in the foreign markets in Latin America. Colombia is one of the most favorable location targets because of its less volatility; especially during the times of present unexpected flows in the global economy it is enjoying a very moderate inflation…
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Colombia essay example
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