Financial Services in the Colombia–United States Free Trade Agreement
209
To coordinate the private sector’s participation in the negotiating process, the government made an agreement with the Associations Council18 (Consejo Gremial), a body that unites different private associations in the country. This agreement’s purpose was to serve as a transmission channel of the private sector’s interests to the government, foreseeing that the interests of private organizations, as well as of people not belonging to the council, were equally important in attaining a good agreement. Diverse financial institutions’ positions were also taken into consideration through the various financial associations. Additionally, during the negotiations, a direct channel for consultation between the negotiating team and the private sector was created—a space parallel to the negotiating tables referred to as the side room. The side room was up and running during all the negotiating rounds, and in the case of financial services, it helped negotiators consult with and present information to the associations and financial institutions throughout the course of the negotiations. Through its side room, the financial sector witnessed firsthand the evolution of the negotiations and contributed input, data and other information, and arguments to defend Colombia’s negotiating standpoint. Research tasks were assigned to private sector representatives during the meetings, which gradually became clarifying documents that Colombia presented at the negotiating table. Thus, Colombia was able to present documents to the agreement’s signatories that explained how the social security system works in Colombia, what types of operations trust funds have and the size of the market in which they operate, what types of insurance are mandatory and their characteristics, and what investment regimes are permitted for pension funds and insurance companies. The private sector’s contributions turned out to be crucial throughout the negotiation, allowing negotiators to identify problems and solutions during the rounds in real time. For the broader public, the negotiating team organized presentations that were conducted the week after each negotiating round and that typically took about two days. The chief negotiator, supported by the negotiating team, made a general presentation about the negotiation and highlighted the main progress in each chapter. These presentations were meant to give an informative summary of each of the topics discussed in the FTA. The general overview was followed by more specific and detailed presentations carried out by each Thematic Negotiating Committee. These presentations were conceived as in-depth meetings where civil society