Commercial Diversification: The Challenges for Colombia in Relations with China and the U.S.

Tax attorney Rafael Lafont was featured in a Valora Analitik article analyzing the trade relationship between Colombia and the United States and the importance of Colombia diversifying its trading partners. The U.S. is traditionally Colombia's biggest trade partner, in particular for hydrocarbon exports, but Colombia recently joined China's Silk Road Initiative, which "can signify more investment opportunities, access to new markets and greater economic resilience," according to Mr. Lafont, by "facilitating strategic financing and infrastructure and opening doors in Asia." However, he cautioned that while looking for new opportunities in new markets, the country should avoid creating tensions with the U.S., which remains a strategic ally.

"The important thing is that this is not seen as 'replacing the U.S.' but rather as expanding the panorama," he said. "Today all countries want this: having more options and not putting all of their eggs in one basket."

READ: Commercial Diversification: The Challenges for Colombia in Relations with China and the U.S.