On 17 May 2006, in Bern, Switzerland, Colombia and the EFTA member states -- Iceland, Liechtenstein, Norway and Switzerland -- signed a Declaration on Cooperation. The objectives of the Declaration are to enhance economic relations and to establish a framework for the expansion, diversification and liberalisation of trade and investment. The Declaration establishes a Joint Committee to review cooperation in areas referred to in the Declaration, to discuss areas of mutual interest and to formulate appropriate recommendations on cooperation.
The first meeting of experts from Colombia and EFTA was held on 6 October 2006 in Bogota, Colombia. On 4 June 2007, Colombia and the EFTA States announced their decision to launch free trade negotiations. The first round of negotiations took place in Bogota on 8 June 2007, while the second round of negotiations was concluded on 31 August 2007 in Lima. The third round of negotiations was carried out in Geneva on 2 NoSvember 2007. The fourth round of negotiations ended on 7 April 2008 in Bogota, Colombia. Colombia and EFTA concluded free trade negotiations on 12 June 2008 after five rounds of negotiation. The Colombia-EFTA Free Trade Agreement was signed in Geneva, Switzerland on 25 November 2008.