In 2022, Switzerland imported goods worth a total of CHF 436 million from Colombia, mainly precious stones and metals and agricultural products. Swiss exports to Colombia amounted to CHF 566 million and mainly comprised chemical and pharmaceutical products, machinery and precision instruments. Swiss direct investments in Colombia amounted to CHF 5.2 billion at the end of 2021. Swiss companies operating in the country employ 12,886 people.
Economic relations between Switzerland and Colombia are based on a solid legal framework. A free trade agreement between the EFTA States and Colombia has been in force since 2011. Switzerland and Colombia have also had an agreement on the promotion and mutual protection of investments since 2009 and a double taxation agreement since 2011. In March 2019, Switzerland and Colombia signed an agreement to ensure the correct implementation of the double taxation agreement.
In April 2021, Switzerland and Colombia signed a Memorandum of Understanding (MoU) to establish a Joint Economic Commission. It is composed of government and private sector representatives from both countries and aims to strengthen bilateral economic and trade relations.