Colombia: Bilateral Investment Treaty

Lord Sharpe of Epsom Excerpts

Monday 20th January 2025 Lords Chamber

[Baroness Chapman of Darlington (Lab)]

Colombia is an astonishing country, not least because of its biodiversity. It would not be right to try to leverage our role as penholder for the peace process at the Security Council to intervene in issues of trade. The UK is the fourth-largest investor in Colombia and we seek to work through these issues alongside Colombia in the spirit of mutual respect and partnership.

[Lord Sharpe of Epsom (Con)]

My Lords, the Colombian Trade Minister said that the Colombian justice system had the tools to guarantee investors all reasonable protections and due process for the protection of their rights. Have His Majesty’s Government conducted an assessment of the Colombian justice system? If a renegotiation of the agreement takes place, are they satisfied that UK investors’ rights will be guaranteed all reasonable protections? That is particularly important given the ongoing dispute between ViiV Healthcare and the Colombian Government over intellectual property rights.

[Baroness Chapman of Darlington (Lab)]

The noble Lord opposite is rather rushing his fences. Of course we would look at these things, should there be a formal request for a review or any change from the Government of Colombia, but, as of today, that is not the case. We regularly speak with our partners in Colombia—I was there myself in December—so we would be very happy to have any kind of dialogue that they wish. However, we have not had that request as of now.