The purpose of this agreement is to attract investment that promotes complementary industries of goods and services, promoting sustainable development, productive diversification, value chain formation and the creation of skilled employment.
The minister explained to congressmen that the agreement establishes equal treatment between Venezuelan and Colombian citizens, under the protection of the national standard of treatment, preserving the balance between potential foreign and national investors.
On the other hand, the senior official clarified that this agreement will enter into force only after the favorable process has been approved by Congress, that is, the four debates, and after the examination of the Constitutional Court has passed.
If this Supreme Court declares it constitutional, notes will be exchanged between the two countries and it will then be approved by the executive branch to take effect.
Source: El heraldo
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
