The fifth round of trade talks between Colombia and Japan closed in Tokyo on Wednesday without the nations signing the anticipated investment protection agreement.
The Colombian Embassy in Tokyo announced that “important advances” were made during this round, which began February 15. The talks were scheduled to close 19 February but were extended because both parties hoped to close the deal.
The two delegations reportedly failed to reach a consensus because “important aspects of the agreement still remain unresolved.”
This was the last round that both delegations will attend in person. Future rounds will be conducted long-distance.
Foreign Minister Jaime Bermudez said during a recent visit to Japan that the agreement will boost Japanese investment in sectors such as oil discovery, infrastructure and construction.
Negotiations for the investment agreement began in Tokyo in April 2009.
Closing this agreement is a precondition for the signing of a tarriff agreement and potentially, at some point, a free trade agreement between the two countries.
The date for the next round of talks has not yet been announced.