generating just 11.5% of GDP. 18.7% of the workforce are employed in industry and 58.5% in services, responsible for 36% and 52.5% of GDP respectively. Colombia is rich in natural resources, and its main exports include petroleum, coal, coffee and other agricultural produce, and gold. Colombia is also known as the world's leading source of emeralds, while over 70% of cut flowers imported by the United States are Colombian. Principal trading partners are the United States (a controversial free trade agreement with the United States was approved on 11 October 2011 by the United States Congress and became effective from 15 May 2012), the European Union, Venezuela and China. All imports, exports, and the overall balance of trade are at record levels, and the inflow of export dollars has resulted in a substantial re-valuation of the Colombian peso.
Economic performance has been aided by liberal reforms introduced in the early 1990s and continued during the presidency of Álvaro Uribe, whose policies included measures designed to bring the public sector deficit below 2.5% of GDP. In 2008, The Heritage Foundation assessed the Colombian economy to be 61.9% free, an increase of 2.3% since 2007, placing it 67th in the world and 15th out of 29 countries within the region. It has Free trade Zone (FTZ), such as Zona Franca del Pacifico, located in the Valle del Cauca, one of the most striking areas for foreign investment.
Meanwhile the improvements in security resulting from President Uribe's controversial "democratic security" strategy have engendered an increased sense of confidence in the economy. On 28 May 2007 the American magazine BusinessWeek published an article naming Colombia "the most extreme emerging market on Earth". Colombia's economy has improved in recent years. Investment soared, from 15% of GDP in 2002 to 26% in 2008. private business has retooled. However, unemployment at 12% and the poverty rate at 46% in 2009 are above the regional average
