Colombia: Bilateral Investment Treaty

Baroness Coussins Excerpts

Monday 20th January 2025 Lords Chamber

[Baroness Chapman of Darlington (Lab)]

I am grateful to the noble Lord. I appreciate, as he invited me to, that these agreements stand over a very long period of time. Between an agreement being put in place and 10 years later—which is where we are now with Colombia—at which point there is an opportunity to look at it again, many things may change and it is open to either side to seek changes to the agreement, or to walk away entirely. At the moment, the Colombians have not indicated to us that that is their intention. It should be remembered that these bilateral treaties are helpful in providing assurance to investors, and that is something that we would not want to harm in any way.

[Baroness Coussins (CB)]

My Lords, as of last year, ISDS claims pending against Colombia exceeded $13 billion. As the penholder for the Colombian peace process at the Security Council, what assessment have His Majesty’s Government made of the impact of this on Colombia’s ability to resource the implementation of the peace accord? How can we leverage our role as penholder to help Colombia achieve this?

[Baroness Chapman of Darlington (Lab)]

The United Kingdom is absolutely committed to supporting Colombia in the peace process, and enormous progress has been made. We see these things as separate. I think Colombia has faced 26 cases since 2016. Only four of them have been brought by the UK, so we hope that we can continue to trade with Colombia and to invest in Colombia—it is an important partner for us—and to support it as it moves forward with its peace process.