Colombia and Turkey Signed a Bilateral Investment Treaty
Colombia and Turkey signed the Agreement on Reciprocal Promotion and Protection of Investments on 28 July 2014 in Bogotá. The Minister of Commerce, Industry and Tourism of Colombia stated that through this agreement, the signatory countries seek to establish a clear legal framework for each other’s investments.
The treaty reportedly contains, amongst others, disciplines on fair treatment, access to justice, expropriation and compensation, and the transfer of currency. In cases when it is alleged that protected rights have been breached, it provides for access to an international tribunal for the resolution of disputes.