India, Columbia to enhance economic ties

India and Columbia today signed a Bilateral Investment Promotion and Protection Agreement (BIPPA) and a Memorandum of Understanding on Cooperation in Bamboo.

The agreement was signed by visiting Columbian Minister of External Relations Jaime Bermudez Merizalde and Minister for External Afairs S M Krishna.

The Ministers also stressed the need for early finalization of agreements on Extradition; Mutual Legal Assistance; Mining; Energy; Health; Education; Agriculture; public services and other areas of mutual interest. Both sides also agreed to expedite talks for finalization of a Double Taxation Avoidance Agreement. With the signing of these agreements, economic and commercial ties will be further strengthened and ongoing bilateral engagement will be diversified. In a joint statement issued at the end of the oficial visit, the Ministers expressed satisfaction on the growing bilateral trade and economic linkages and the interest of the business community in both countries to initiate joint ventures in various sectors. Both sides acknowledged the significant role played by the apex chambers of commerce and industry, business federations, investment promotion agencies in both countries and business entities such as the Columbia-India Chamber of Commerce in Bogota and The TEQUENDAMA Group in India, in facilitating commercial and investment ties. The Ministers noted that leading Indian companies had undertaken significant investments in Columbia in various sectors such as oil & hydrocarbons, mining, engineering, chemicals, fertilizers, pharmaceuticals and information technology. They have decided to encourage exchange of high-level visits between the two countries and regularly hold Foreign Office Consultations, the last round of which was held in Delhi in April 2009. The two sides expressed satisfaction over the growing bilateral relations that have strengthened and diversified in the last 50 years. They held extensive discussions covering bilateral, regional and global issues. The Foreign Minister of Columbia was accompanied by the Minister of Commerce, Industry and Tourism of the Republic of Columbia Luis Guillermo Plata.

The visit took place during the Golden Jubilee year of the establishment of bilateral relations between India and Columbia.

The two Ministers also held discussions on multilateral issues of mutual interest such as international financial and economic crisis; UN Reform; Climate Change in the context of UNFCCC in Copenhagen; Terrorism and Narco-trafficking and; exchanged views on regional developments in South Asia and Latin America and Caribbean. The Ministers emphasized the essential role of the UN for maintaining global peace and security, for promoting the economic and social advancement of all people and for meeting global threats and challenges. India and Columbia stressed the need to implement the process of UN reforms to make it more representative, legitimate and effective.

Moreover, they agreed that any expansion and restructuring of the Security Council must reflect contemporary realities, more representatives, increase transparency, democracy and include developing countries. The Foreign Minister of Columbia expressed deep shock and anguish over the terrorist attacks in Mumbai and reiterated the need for intensifying global cooperation in combating international terrorism. They strongly condemned terrorism in all its forms and manifestations, committed by whoever, wherever and for whatever purpose and stressed that there could be no justification, whatsoever, for any acts of terrorism. ''Colombia and India are convinced that the Comprehensive Convention on International Terrorism would become a vital law enforcement instrument in international joint counter-terrorism efforts,'' the joint statement said.

-- (UNI) -- 10DI57.xml

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