World Bank Says Colombia Logistics Project has Reduced Trade Time
The World Bank reports that in the two years since the launch of the Colombia Trade Logistics Project, the government of Colombia has already implemented over 15 reforms and issued more than 25 pieces of legislation aimed solely at facilitating trade logistics.
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The Project aims to reduce time and cost to import and export for Colombian traders with streamlined systems and procedures, including the electronic Single Window for Foreign Trade (VUCE) and a risk-based inspections regime. Among results already demonstrated by the project, time to trade has reduced by 30% for traders who obtain licenses through the VUCE. The program started on July 1, 2008 and is scheduled to end on June 30, 2011.