Colombia to Set Minimum Prices for Textile Imports, Eliminates Tariffs on over 3,400 Products
01 September 2017
The Colombian government and Colombian textile and apparel producers have agreed to a new regulation that would set minimum prices for certain textile products imported into Colombia. The proposal, which has not yet been published, will subject imports of textiles that fall below a specific price level to heightened customs controls. The measure came in the midst of the temporary shutdown of Colombia’s largest textile producer, Fabricato, and an overall economic downturn in the Colombian textile and apparel industry.
Colombia already has in place a minimum price system for apparel imports. According to Colombia’s Ministry of Trade, Industry and Tourism, imports of apparel at prices below the established thresholds have fallen from 7.7 percent of all imports to only 0.01 percent.
Separately, the Colombian government permanently eliminated on 11 August the import tariffs on more than 3,400 products classified in 65 different chapters of the harmonised schedule. The goods are primarily raw materials, inputs and capital goods that are needed by the domestic manufacturing and/or agriculture sectors and are not produced in the country. This action moves most of the products that received a temporary duty suspension on 14 August 2015 into a permanent list, except for 82 tariff subheadings where there is believed to be domestic production. A new update to the list is expected by 30 September.
- Central & South America