[{"bbox": [145, 150, 1084, 260], "category": "Text", "text": "the reference rate in January with a decrease of 25 basis points. Additionally, the National Government has implemented strategies such as the temporary reduction of tariffs on agricultural inputs, the adjustment in the prices of electricity services, the increase in the cost of gasoline, and the exclusion of the minimum wage for some goods and services."}, {"bbox": [145, 268, 1084, 402], "category": "Text", "text": "Investment dropped substantially in the last three quarters of 2023, reflecting regulatory uncertainty in strategic and capital-intensive sectors such as mines and quarries, construction, and energy. These factors added to the high financing rates and dampened gross capital formation. According to Corficolombiana estimates, gross fixed capital formation will reduce from 2.4% in 2023 to 0.9% in 2024."}, {"bbox": [145, 415, 518, 446], "category": "Section-header", "text": "### 2.1.2 European Union and Colombia"}, {"bbox": [145, 471, 1084, 554], "category": "Text", "text": "Colombia is a key EU ally, like-minded, and a political leader in the region. EU-Colombia relations are close and encompass a wide range of sectors – with support to the peace process(es) at the heart of the engagement."}, {"bbox": [145, 562, 1084, 668], "category": "Text", "text": "In terms of relationships with the EU, the year 2023 saw an unprecedented intensity of high-level engagement in the lead-up to the EU-LAC Summit, with a high number of official visits, including EVPs Timmermans, Vestager, HRVP Borrell, VP Schinas, and Commissioners Johansson and Sinkevičius."}, {"bbox": [145, 681, 1084, 763], "category": "Text", "text": "Milestones also include the (Multi-party) Trade Agreement (2013), a short-term visa waiver agreement (2015), and a Framework Participation Agreement for participation in EU-led Common Security and Defence Policy (CSDP) missions (2020)."}, {"bbox": [145, 773, 1084, 906], "category": "Text", "text": "The “EU-Colombia Memorandum of Understanding on an Agenda of enhanced political and sectoral dialogue and cooperation for the next decade”, signed in September 2021, opens the perspective for negotiating a comprehensive legally binding agreement (Partnership and Cooperation Agreement, PCA) to complement the trade agreement. Negotiations of the PCA were formally launched in December 2023."}, {"bbox": [145, 918, 1084, 1054], "category": "Text", "text": "European companies have a long history of working together with Colombia. In 2022, the EU was Colombia’s 3rd largest trading partner, accounting for 14.2% of total Colombian trade, behind the US (25.6%) and China (15.6%). For its part, Colombia was the 41st trading partner of the EU, with 0.3% of total EU trade. In terms of Foreign Direct Investment, the EU was Colombia’s second supplier. In 2022, bilateral trade between Colombia and the EU reached approximately EUR 18,000 million."}, {"bbox": [145, 1065, 517, 1095], "category": "Section-header", "text": "### 2.1.3 Global Gateway and Colombia"}, {"bbox": [145, 1120, 1084, 1389], "category": "Text", "text": "In 2021, the Commission launched the Global Gateway strategy that is materialising in the LAC region at the country and regional level, mostly integrated into the EU-CELAC Global Gateway Investment Agenda, announced during the 2023 EU-CELAC Summit. In the case of Colombia, the Global Gateway Investment Agenda has been translated into four priority sectors: 1) Digital: strengthening connections and helping Colombia address the digital divide and integrate the global digital ecosystem; 2) Climate & Energy: supporting investments in climate mitigation and resilience, as well as clean energy; 3) Sustainable Transport: Promoting infrastructure investments that create sustainable, smart, resilient, inclusive and safe networks; 4) Green Finance: to increase level of financial flows from the public and private sector to sustainable development priorities as well as its commitments to address gender equality and human rights protection in all priority sectors."}, {"bbox": [145, 1397, 1084, 1532], "category": "Text", "text": "Under the Global Gateway strategy, action will drive the transition to sustainable investment in three key ways: by attracting private sector investment through enabling regulations and supporting viable projects, by shaping policy frameworks and aligning with international standards, and by strengthening the institutional capacity of regional and national administrations to implement sustainable strategies effectively."}, {"bbox": [965, 1639, 1081, 1667], "category": "Page-footer", "text": "Page 6 of 21"}]