Major changes are occurring across the globe as the political spectrum seems to shift favor in many countries. The newest country to witness such a shift is Columbia as it is bracing for the prospect of change in economic and political direction after electing Gustavo Petro on the basis of transforming the country’s business-friendly model.

Petro defeated Rodolfo Hernandez in a runoff vote held yesterday which now gives him the shot to enact a program that includes taxation on big landowners, halting the awarding of oil exploration licenses, and ultimately attempting to revive ties with Venezuela.

“It’s historic. Colombia has traditionally voted very conservative. This marks a big change, a move to a very different economic model.”

Silvana Amaya, an analyst at Control Risks consultancy in Bogota, said.

50.4% of the vote went to Petro compared to 47.3% going to Hernandez, according to the Columbian Election authorities. Petro will take office on August 7th along with his vice president Francia Marquez, a 40-year-old environmental activist who will become the country’s first Afro-Colombian vice president.

Petro promised “Real change is coming” and told citizens “This is another Colombia.”

Petro’s election is likely to shake up relations with the United States in a country that has for decades been the region’s strongest U.S. ally.

Read more on the concerns of Petro’s victory in Columbia and what it means for the future of the country HERE