BOGOTA, March 2 (NNN-PRENSA LATINA) — The Second Commission of the Senate approved in first debate the Agreement for the Promotion and Reciprocal Protection of Investments between Colombia and Venezuela, said the Trade Ministry.
Now the initiative, approved unanimously, will go to the plenary of the Upper House of the Congress of the Republic for its vote.
Both parties signed this Agreement on Feb 3 in Caracas, which is very important for Colombia because before there was no investment promotion or any protection of legally established investments, said the Minister of Commerce, Industry and Tourism, German Umaña.
‘With this initiative we seek to provide security, transparency and guarantees for investors from both countries,’ he added during the debate in the Second Commission.
The objective of this agreement is to attract investments that boost the complementary industry of goods and services, promote sustainable development, productive diversification, the formation of value chains and the creation of qualified employment.
It also establishes equal treatment between Venezuelans and Colombians, under the protection of the national treatment standard, thus maintaining the balance between potential foreign and domestic investors.
Umaña clarified that this agreement will only enter into force after going through its favorable procedure in Congress, i.e. the four debates, and after passing the examination of the Constitutional Court.
If this high court declares it constitutional, the two countries will proceed to exchange notes and then it will be sanctioned by the Executive to enter into force.
Last August 11, the two countries resumed diplomatic relations, after Venezuelan President Nicolas Maduro appointed Felix Plasencia as ambassador to Colombia, and Gustavo Petro appointed Armando Benedetti as ambassador to Venezuela.
Since then, the two countries have taken steps in various areas such as border openings, trade, and various exchanges to make their historic ties more solid. — NNN-PRENSA LATINA
