Colombia’s Constitutional Court on Wednesday approved investment promotion and protection agreements with United Kingdom, China, and India.
The bilateral agreement between the United Kingdom and Colombia was approved March 13. According to Trade Minister Sergio Diaz-Granados the two countries have established a transparent judicial framework which is favorable for the protection of investment including standards recognized by international law.
“Among these standards is the obligation to give the foreign investor the same treatment given to a national investor so that a Colombian investor in the United Kingdom will receive the same treatment that the United Kingdom would give to its own citizens and vice versa,” said the trade minister
The China trade protection agreement was approved March 9. Diaz-Granados said regarding this agreement, “This agreement seeks to stimulate and protect not just foreign direct investment from China to Colombia but also from Colombia to China, through the establishment of a fair and transparent framework.”
The trade minister underlined the fact that Asia is positioning itself as an important axis of global economy and development.
“Colombia cannot be distant from this process, so we are working on a strong strategy of getting closer to the Asia Pacific,” he added.
The agreement with India was approved February 22 prompting Juan Alfredo Pinto, Colombia’s Ambassador to New Delhi to say “Bilateral relations are going very well and this agreement which we have been working towards for three years … will increase the flow of investment from India to Colombia.”
He also said that during 2012 at least five Indian companies from the mining, agro-industrial, and manufacturing sectors will establish themselves in Colombia.