There are promising E-commerce opportunities in Colombia since the Colombian Congress provided the legal framework to regulate business done through the internet. The United States and Colombia also have signed an E-commerce agreement that emphasizes open and fair e-trade. E-commerce has reached a stage in which it is critically important to agree on international standards in the areas of electronic signatures and authentication to avoid the emergence of discordant standards as to what constitutes a "digital signature" or what constitutes valid certificates in different jurisdictions. Decree 1747 of 2000 regulates Law 527 of 1999 and establishes rules on certification entities, certification and/or certificates, and digital signatures. The Superintendent of Industry and Commerce has full responsibility on authorizing certification entities, carrying out their inspection and control, and on imposing necessary penalties. It also oversees compliance with the law. Guaranteed secured procedures is a critical factor for consumers considering on line transactions.
The combination of institutional and societal factors prevents more rapid growth of E-commerce in Colombia. However, U.S. E-commerce companies should note the overall potential offered by the Colombian market. Colombia’s B2B (about 90 percent of the E-commerce market) will likely offer U.S. companies the greatest opportunities for export sales. Most Colombian E-commerce will take place through North American vendors, and great opportunities exist for large and small U.S. companies and the home office community that can efficiently utilize E-commerce technology to their benefit. Colombian companies view E-commerce as a means of improving their competitiveness.