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India – Colombia bilateral relations
India – Colombia bilateral relations
Introduction
Indo-Colombian relations refer to the diplomatic ties between the Republic of Colombia and the Republic of India. These relations were officially established on January 19, 1960, marking the beginning of a growing partnership. Notably, Colombia serves as a significant gateway for Indian businesses seeking to access the Latin American market.
Historical Progression
Official diplomatic relations between India and Colombia were initiated on January 19, 1959. A pivotal moment in this diplomatic journey occurred on July 14, 1970, when the two nations signed a commercial accord. However, this agreement faced challenges due to economic restrictions on foreign goods and geopolitical disparities. Subsequently, in March 1972, Colombia inaugurated its embassy in New Delhi. In 1973, India reciprocated by establishing its embassy in Bogotá. Though the Bogota embassy temporarily closed in 1993, it reopened in 1994.
The Colombian embassy in India also plays a vital role in managing diplomatic relations with Nepal, Sri Lanka, and Bangladesh. Furthermore, it extends consular assistance to Colombian nationals residing in these countries.
Economic Cooperation
Economic and cooperative relations have thrived, particularly following Colombian President Andrés Pastrana Arango’s visit to India from March 4 to 7, 2001. The similarities in their economic structures have paved the way for enhanced cooperation between the two nations.
In 2006, the Oil and Natural Gas Corporation (ONGC) invested a substantial sum of US$437.5 million in oil production in Colombia. ONGC’s commitment to exploring Colombian territory for gas resources is poised to bolster economic collaboration further.
Trade Relations
Trade relations between Colombia and India have shown a positive trajectory. As of August 23, 2007, trade between the two nations exhibited notable growth. India benefited from exports to Colombia, totalling approximately US$346 million, while Colombia exported goods worth around US$62 million to India.
Conclusion
Indo-Colombian relations have witnessed significant progress since their inception, with both nations recognizing the potential for mutually beneficial cooperation. Economic ties, in particular, have flourished, offering promising opportunities for further collaboration in diverse sectors. The future holds the potential for deeper engagement and strengthened diplomatic bonds.
To know more about bilateral relations between India and Colombia, please download our booklet.
To know more about India – Colombia, DTAA, please download our guide.
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