On September 26, 2012, Ministry of Economy, Trade and Industry ("METI") and Ministry of Foreign Affairs ("MOFA") of Japan jointly announced that Japan and Colombia start negotiation for the Japan-Colombia bilateral EPA. This decision was announced in the summit meeting held by Prime Minister Yoshihiko Noda with Mr. Juan Manuel Santos, President of the Republic of Colombia in New York.
On July 2012, both countries completed the joint study of possible effect of bilateral EPA and expressed the trade between the countries is complementary and EPA would bring significant benefits to the economies of the two countries. Japan mainly exports industrial products including machinery and automobile, while Colombia mainly exports agricultural products, such as coffee and flowers, and mineral resources. The expectation for Japan side is to reduce customs duty rate of automobiles in Colombia, the current MFN rate is 35% for completed vehicle and 5% to 10% for auto parts. In addition, Colombia already signed FTA with Korea on June 2012. To have equal stage in competition with Korean companies is also objective for Japanese government and industry.
The further schedule of negotiation will be discussed later by both countries.
(Source: http://www.meti.go.jp/english/press/2012/0926_02.html )