Colombia approves investment agreement with Venezuela

The Congress of Colombia approved an agreement with Venezuela to deepen investments, in addition to strengthening diplomatic channels for the resolution of disputes

The promotion of commercial and diplomatic relations is the main objective of an agreement approved between Colombia and Venezuela.

“The plenary session of the House of Representatives approved in its fourth and final debate the Agreement for the Promotion and Reciprocal Protection of Investments signed between Colombia and Venezuela in February 2023, which before coming into force, must be reviewed by the Constitutional Court.”

According to the Minister of Commerce, Industry and Tourism, Germán Umaña, the legal instrument seeks to increase binational investments and strengthen diplomatic channels for the resolution of disputes.

The agreement should “stimulate the complementary industry of goods and services and stimulate sustainable development, productive diversification, and the formation of value chains and the creation of qualified employment.”

In addition to the commercial and diplomatic issue, the treaty between Colombia and Venezuela establishes equal treatment between the citizens of both nations, “under the protection of the national treatment standard, which guarantees balance between potential foreign and national investors.”


Source: bancaynegocios

(Reference image source: Unsplash+, in collaboration with Getty Images)

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