New Delhi, November 11: India and South American nation Columbia today entered into an investment promotion and protection pact aimed at boosting two-way flow of investment, which at present is meager.
The Bilateral Investment Promotion and Protection Agreement (BIPPA) was signed here by Commerce and Industry Minister Anand Sharma and Columbian Minister of Commerce, Industry and Tourism Luis Guillermo Plata.
“This a major step in advancing the economic cooperation both investment and commerce between India and Columbia,” Sharma said.
The agreement aims at enhancing bilateral investment and technology flows between the two countries, by creating favourable conditions for investors, a statement said.
The BIPPA provides elaborate dispute resolution mechanism to settle disputes between an investor and the host government or between the two governments.
Dispute resolution mechanism includes recourse to negotiations, conciliation, domestic dispute resolution mechanism and to international arbitration.
The pact would remain in force for a period of 10 years.
India has already entered into similar agreements with 75 countries and negotiating with another 25 countries.
–Agencies