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Colombian court approves trade accord with China

(Xinhua)

13:38, March 22, 2012

BOGOTA, March 21 (Xinhua) -- Colombia's Constitutional Court has approved an investment accord with China on protection of investments on both sides, the Colombian trade minister announced Wednesday.

"The court has endorsed the agreement signed with China to protect investments on both sides," Sergio Diaz Granados said.

Colombia and China signed the Investment Promotion and Protection Agreement in 2008, but it needs the endorsement of Colombia's Constitutional Court.

Under the accord, to go into effect in the second half of this year, the two countries will give each other's investors the same protection as their domestic ones and guarantee free transfer of funds, Diaz Granados noted.

Chinese investment in Colombia reached a total of 15.6 million U.S. dollars from 2000 to 2011, the 38th largest foreign investment in the South American country, said the Colombian minister.

Asia is becoming an axis of the global economy and a key to development and Colombia should "not be left out of this process," Diaz Granados added.

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