{"id":8560,"date":"2021-10-07T08:40:12","date_gmt":"2021-10-07T13:40:12","guid":{"rendered":"https:\/\/cf.iisd.net\/itn\/?p=8560"},"modified":"2024-08-09T18:31:57","modified_gmt":"2024-08-09T16:31:57","slug":"spain-and-colombia-sign-new-bit","status":"publish","type":"post","link":"https:\/\/www.iisd.org\/itn\/2021\/10\/07\/spain-and-colombia-sign-new-bit\/","title":{"rendered":"Spain and Colombia sign new BIT"},"content":{"rendered":"<p>The prime minister of Spain, Pedro S\u00e1nchez, and the president of Colombia, Iv\u00e1n Duque M\u00e1rquez, signed a new <a href=\"https:\/\/www.lamoncloa.gob.es\/consejodeministros\/referencias\/Paginas\/2021\/refc20210615.aspx#colombia\"><span class='tooltipsall tooltipsincontent classtoolTips63'>BIT<\/span><\/a> on September 16, 2021. Both countries sought to modernize the previous treaty, which had come into force in 2005.<\/p>\n<p>Since the entering into force of the 2009 Lisbon Treaty, which <a href=\"https:\/\/www.iisd.org\/itn\/2016\/08\/10\/can-eu-member-states-still-negotiate-bits-with-third-countries-stefanie-schacherer\/\">placed <span class='tooltipsall tooltipsincontent classtoolTips68'>FDI<\/span> at the level of <span class='tooltipsall tooltipsincontent classtoolTips117'>EU<\/span>-level competence<\/a>, the <span class='tooltipsall tooltipsincontent classtoolTips116'>EC<\/span> has been charged with negotiating IIAs with non-EU member states. Thus, the Spanish government <a href=\"https:\/\/www.iareporter.com\/articles\/spain-and-colombia-sign-new-bilateral-investment-treaty-maintaining-investor-state-arbitration-pending-entry-into-force-of-multilateral-investment-court\/\">reportedly<\/a> had to obtain authorization from the EC in order to carry out these negotiations and to ensure that the new agreement was aligned with <a href=\"https:\/\/www.iisd.org\/itn\/2016\/08\/10\/can-eu-member-states-still-negotiate-bits-with-third-countries-stefanie-schacherer\/\">EU objectives and principles<\/a>.<\/p>\n<p>On the Colombian side, the negotiations followed a decision from the country\u2019s Supreme Court that ruled that the government must clarify the scope of the <span class='tooltipsall tooltipsincontent classtoolTips69'>FET<\/span> and non-discrimination standards in the Colombia\u2013Israel <span class='tooltipsall tooltipsincontent classtoolTips70'>FTA<\/span> and Colombia\u2013France BIT <u>(<\/u><a href=\"https:\/\/www.iisd.org\/itn\/2020\/12\/19\/are-interpretative-declarations-appropriate-instruments-to-avoid-uncertainty-the-cases-of-the-colombia-france-bit-and-the-colombia-israel-fta-carolina-olarte-bacares-enrique-prieto-rios-juan-ponton-se\/\">see our analysis of that decision here<\/a><u>)<\/u>. Some features of the new BIT include:<\/p>\n<ul>\n<li>Holding companies are not considered investors<\/li>\n<li><span class='tooltipsall tooltipsincontent classtoolTips75'>MFN<\/span> treatment cannot reach into other treaties<\/li>\n<li><span class='tooltipsall tooltipsincontent classtoolTips43'>ISDS<\/span> will be replaced by the multilateral court once this enters into operation<\/li>\n<\/ul>\n<p><!--more--><\/p>\n<script type=\"text\/javascript\"> toolTips('.classtoolTips32','International Institute for Sustainable Development<!--more-->'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips33','Institut international du d\u00e9veloppement durable'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips34','Instituto Internacional para el Desarrollo Sostenible'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips43','investor\u2013state dispute settlement'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips58','soluci\u00f3n de controversias inversionista-Estado'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips60','Investment Treaty News'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips63','Bilateral investment treaty'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips65','East African community'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips67','Energy Charter Treaty'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips68','foreign direct investment'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips69','fair and equitable treatment'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips70','free trade agreement'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips73','international investment agreement'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips75','most-favoured nation'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips100','investissement direct \u00e9tranger'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips104','responsabilit\u00e9 sociale des entreprises'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips106','asociaci\u00f3n p\u00fablica-privada'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips114','Sistema de Tribunales de Inversiones'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips116','European Commission'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips117','European Union'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips118','Union europ\u00e9enne'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips119','Uni\u00f3n Europea'); <\/script>","protected":false},"excerpt":{"rendered":"<p>The prime minister of Spain, Pedro S\u00e1nchez, and the president of Colombia, Iv\u00e1n Duque M\u00e1rquez, signed a new <span class='tooltipsall tooltipsincontent classtoolTips63'>BIT<\/span> on September 16, 2021. Both countries sought to modernize the previous treaty, which had come into force in 2005.<script type=\"text\/javascript\"> toolTips('.classtoolTips63','Bilateral investment treaty'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips100','investissement direct \u00e9tranger'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips118','Union europ\u00e9enne'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips119','Uni\u00f3n Europea'); <\/script><\/p>\n","protected":false},"author":26,"featured_media":15869,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[397],"tags":[1932,1909],"class_list":["post-8560","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bits","tag-colombia"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.iisd.org\/itn\/wp-json\/wp\/v2\/posts\/8560","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.iisd.org\/itn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.iisd.org\/itn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.iisd.org\/itn\/wp-json\/wp\/v2\/users\/26"}],"replies":[{"embeddable":true,"href":"https:\/\/www.iisd.org\/itn\/wp-json\/wp\/v2\/comments?post=8560"}],"version-history":[{"count":0,"href":"https:\/\/www.iisd.org\/itn\/wp-json\/wp\/v2\/posts\/8560\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.iisd.org\/itn\/wp-json\/wp\/v2\/media\/15869"}],"wp:attachment":[{"href":"https:\/\/www.iisd.org\/itn\/wp-json\/wp\/v2\/media?parent=8560"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.iisd.org\/itn\/wp-json\/wp\/v2\/categories?post=8560"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.iisd.org\/itn\/wp-json\/wp\/v2\/tags?post=8560"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}