Two weeks after having concluded the negotiations of the Treaty for the Promotion and Reciprocal Protection of Investments, the Governments of Colombia and Venezuela signed it this Friday, February 3 in Caracas.
(The ‘bittersweet’ taste of the economic recovery with Venezuela).
On behalf of the parties, the President of the Bolivarian Republic of Venezuela, Nicolás Maduro Moros, and the Minister of Commerce, Industry and Tourism of Colombia, Germán Umaña Mendoza, signed the Agreement.
“We are rebuilding this relationship from the institutional framework and this Agreement is one of the aspects that contributes to that objective. With this we seek to establish, maintain and consolidate a legal framework that facilitates and promotes direct cross-border investments”, the officials said.
(Government formalizes cargo transportation to Venezuela through Tiendas bridge).
This treaty seeks to attract investment to promote the complementary industry of goods and services, promoting sustainable development, productive diversification, the formation of value chains and the creation of qualified employment. The foregoing, respecting labor standards and environmental regulations.
(Venezuela presented Colombian businessmen with a binational economic plan).
Likewise, establishes equal treatment between Venezuelan and Colombian nationals, under the protection of the national treatment standard, thus keeping the balance between potential foreign and national investors.
Both countries welcome the signing and hope it is an important step to encourage more bilateral investment.
BRIEFCASE
