Obama to meet with Colombia's Santos

President Barack Obama says there has been a 20 percent increase in trade between the U.S. and Colombia since the two countries signed a free trade agreement during his first term.

Obama is meeting Tuesday in the Oval Office with Colombian President Juan Manuel Santos. The two leaders are holding talks focused on growing the economic relationship between their countries.

Obama also congratulated Santos on taking bold steps toward peace in his country. Santos' government is holding peace talks with Colombia's leading rebel group, the Revolutionary Armed Forces of Colombia, or FARC.

The Obama administration has been phasing out U.S. security aid to Colombia in favor of economic development assistance and promotion of human rights, particularly in areas formerly controlled by rebel forces.