ACT 1449 2011
Official Gazette No. 48,100 of June 14, 2011 CONGRESS OF THE REPUBLIC
Through which the "Agreement for the promotion and protection approved investment between the Republic of Colombia and the Republic of India ", signed in the city of New Delhi on the 10th of November 2009. Summary
Term Notes Effective Jurisprudence
THE CONGRESS OF THE REPUBLIC
having regard to the text of the "Agreement for the promotion and protection of investments between the Republic of Colombia and the Republic of India", signed in the city of New Delhi on the 10th of the month
November 2009. (to be transliterated: photocopy of the full text of the aforementioned international instruments attached).
DRAFT LAW NUMBER 235 2010
through which the "Agreement for the promotion and protection of investments between the Republic of Colombia and the Republic of India" is approved, signed in the city of New Delhi the 10th of November 2009.
having regard to the text of the "Agreement for the promotion and protection of investments between the Republic of Colombia and the Republic of India" signed in city of New Delhi on the 10th of November 2009.
(to be transliterated: photocopy of the full text of that instrument is attached).
AGREEMENT FOR THE PROMOTION AND PROTECTION OF INVESTMENTS BETWEEN THE REPUBLIC OF COLOMBIA AND THE REPUBLIC OF INDIA
PREAMBLE The Government of the Republic of Colombia and the Government of the Republic of India, hereinafter " Contracting Parties ";
Desiring to intensify economic cooperation for the benefit of both Contracting Parties;
In order to create favorable conditions for investments by investors of one Contracting Party in the territory of the other; Recognizing the need to promote and reciprocally protect foreign investments with a view to promoting the economic prosperity of both Contracting Parties:
Have agreed as follows: ARTICLE 1. DEFINITIONS
For the purposes of this Agreement:
Investor 1.1. The term "investor" means a natural person or an entity of a Contracting Party who has made investments in the territory of the other Contracting Party in accordance with its national law.
A) A "natural person or natural person" means a person who, in the case of India is a citizen of India, and in the case of Colombia is a national of Colombia in accordance with their respective laws;
B) An entity refers to a company, corporation, firm or incorporated or constituted or otherwise association duly established in accordance with the legislation of that Contracting Party and to perform substantial economic activities in the territory of that Contracting Party.
1.2. This Agreement shall not apply to investments made by natural persons who are nationals of both Contracting Parties.
Investment 2.1. "Investment" means every kind of assets that have been established or acquired by investors of one Contracting Party in the territory of the other Contracting Party in accordance with the legislation of the latter including, in particular, but not exclusively, the following:
a) movable and immovable property and other property rights such as mortgages, liens or pledges; Effective Notes
B) Stocks, bonds, options and any other similar form of participation in an entity;
C) Rights in money or to any performance under contract having economic value;
D) Intellectual property rights, including, without limitation, copyright and related rights and industrial property rights such as patents, technical processes, brands and trademarks, trade names, industrial designs, "know-how and "" goodwill "in accordance with the relevant laws of the Contracting Party;
E) concessions conferred by law or administrative act or contract, including concessions to explore, extract or exploit natural resources.
Not be considered investment:
i) public debt operations;
Ii) claims to money derived exclusively from:
a) commercial contracts for the sale of goods and services by a national or a legal entity in the territory of a Contracting Party to a national or legal entity in the territory of the other Contracting Party; or
b) The extension of credit in connection with a commercial transaction.
2.2. Any change in the way in which the assets have been invested or reinvested shall not affect their character as investments, provided that such alteration is in accordance with the definitions contained in this article and is made in accordance with the law of the Contracting Party in whose territory any investment made.
2.3. In accordance with paragraph 2.1 of this Article, the minimum characteristics that must have an investment are:
a) The contribution of capital or other resources;
B) The expectation of profits or earnings; and
c) The assumption of risk for the investor.
The term "returns" means the amounts yielded by an investment, particularly, but not exclusively, profits, dividends, interest, capital gains, royalties and fees.
Territory territory means:
a) With respect to Colombia, in addition to its mainland, the archipelago of San Andres, Providencia and Santa Catalina, the island of Malpelo, and all other island, cay, cay out and bank belonging to it, as well as the airspace and maritime areas over which it has sovereignty or over which it exercises sovereign rights and jurisdiction in accordance with their respective legislation and international law, including applicable international treaties;
B) With respect to India, the territory of the Republic of India including its territorial waters and airspace on this, and other maritime zones including the Exclusive Economic Zone and continental shelf over which the Republic of India has sovereignty, sovereign rights or exclusive jurisdiction in accordance with its legislation, to the United Nations Convention on the law of the Sea 1982 and international law.
ARTICLE 2. SCOPE.
This Agreement shall apply to all investments made by investors of either Contracting Party in the territory of the other Contracting Party, accepted as such in accordance with its laws and regulations as well be made before or after the entry into force of this Agreement, but shall not apply to any dispute which has arisen or any measures which have been adopted before the entry into force of this Agreement.
ARTICLE 3. INVESTMENT PROMOTION AND PROTECTION.
1. Each Contracting Party shall promote in its territory investments by investors of the other Contracting Party. Each Contracting Party shall admit such investments in accordance with its laws, regulations and policies.
2. Each Contracting Party shall protect within its territory investments have been made in accordance with its legislation by investors of the other Contracting Party and shall not impair by discriminatory measures the management, maintenance, use, enjoyment, sale or disposal of such investments.
3. Each Contracting Party shall ensure fair and equitable treatment and full protection and security within its territory investments by investors of the other Contracting Party.
4. For greater certainty,
a) "fair and equitable treatment" includes the obligation not to deny justice in criminal, civil, or administrative, in accordance with the principle of due process;
B) The standard of "full protection and security" does not imply, in any case, a superior treatment accorded to nationals of the Contracting Party where the investment was made;
C) The determination that infringed other provision of this Agreement or other international agreement, does not imply that infringed minimum standard of treatment of aliens. ARTICLE 4.
national treatment and most favored nation.
1. Each Contracting Party shall in its territory to investments of investors of the other Contracting Party, as regards management, maintenance, use, enjoyment, sale or disposition of investments made in its territory, treatment not be less favorable than that accorded, in like circumstances, to investments of its own investors or investments of investors of any third State.
2. Each Contracting Party shall in its territory to investors of the other Contracting Party, as regards management, maintenance, use, enjoyment, sale or disposition of investments made in its territory, treatment not be less favorable than that accorded, in like circumstances, to investors of any third State.
3. The Nation Treatment Most-Favored to be granted in similar circumstances referred to in this Agreement does not extend to the mechanisms of dispute resolution, such as those contained in Articles 9 (Dispute Settlement between a Contracting Party and an Investor of the Other Contracting Party) and 10 (Settlement of Disputes between the Contracting Parties) of this Agreement, which are provided for in international treaties or investment agreements.
4. The provisions of this Agreement relating to the granting of treatment no less favorable than that granted to investments of investors or investors of either Contracting Party or any third State shall not be construed so as to oblige one Contracting Party to extend to investments of investors or investors of the other Contracting Party the benefit of any treatment, preference or privilege resulting from:
a) any free trade area, customs union, common market, economic or monetary union or another form of economic, regional or bilateral organization, existing or future, whose effect is to establish a free trade area or an international agreement or arrangement which is or may become a party;
B) Any matter relating wholly or partially to taxation, including an Agreement to Avoid Double Taxation.
ARTICLE 5 TRANSFERS.
L. Each Contracting Party without undue delay and non-discriminatory to investors of the other Contracting Party the free transfer of all payments relating to their investments manner, and in particular but not exclusively the following transfers:
a) The amount principal and additional amounts necessary for the maintenance, expansion and development of the investment;
B) Income, as have been defined in Article 1;
C) The funds necessary for repayment of loans related to investments;
D) Funds derived from the settlement of disputes and compensation, as established in Articles 6 (Expropriation) and 7 (Compensation for Losses);
E) The proceeds of the total or partial sale of the investment, or total or partial disposal of the investment;
F) Salaries and remuneration received by staff engaged from abroad in connection with an investment;
G) Payments resulting from the settlement of disputes under this Agreement.
2. Transfers shall be made in the currency of the original investment or any other convertible currency at the rate of exchange prevailing on the market at the date of transfer, in accordance with the exchange regulations of the Contracting Party in whose territory has been carried out investment.
3. Notwithstanding the provisions of this Article, a Contracting Party may condition or prevent a transfer through the equitable, nondiscriminatory and good faith of their legislation:
a) Insolvency proceedings, insolvency or the protection of rights of creditors;
B) Compliance with judicial decisions, administrative and arbitral awards firm.
C) Compliance with labor obligations;
For greater certainty, these measures and their application will not be used to avoid compliance with commitments or obligations of the Contracting Party in accordance with this Article.
4. Notwithstanding paragraphs 1 and 2 of this Article, the Contracting Parties may temporarily restrict transfers in circumstances of serious difficulties in their balance of payments or threat thereof; or in cases where, in exceptional circumstances, movements of capital cause or threaten to cause serious difficulties for macroeconomic management, in particular, monetary and exchange rate policies, provided that those restrictions are compatible or issued in accordance with the agreements IMF or are applied as requested by this and these are equitable, non-discriminatory and in good faith.
ARTICLE 6 Expropriation.
L. Investments of investors of a Contracting Party in the territory of the other Contracting Party shall not be subject to nationalization, expropriation or any other measure having similar effects (hereinafter "expropriation") except for public purpose  of under the law, non-discriminatory manner, and accompanied by the payment of fair and equitable compensation.
2. It is understood that:
a) Indirect expropriation results from a measure or series of measures of a Contracting Party that has an effect equivalent to direct expropriation without formal mediate transfer of title or a takeover effect;
B) The determination of whether a measure or series of measures of a Contracting Party constitutes an indirect expropriation requires a case-by-case basis, based on the facts and considering:
i) The economic impact of the measure or series of measures; although the mere fact that the measure or series of measures would lead to an adverse economic impact on the value of an investment does not imply indirect expropriation;
Ii) The extent to which the measures are discriminatory, either in scope or application with respect to an investor or an entity of a Party;
Iii) The extent to which the measures or series of measures interfere with distinct, reasonable investment-backed expectations;
Iv) The nature and intent of the measures or series of measures, whether or not in good faith, for the purpose of public interest and if there is a reasonable link between these and the intention to expropriate.
C) Non-discriminatory regulatory actions by a Party that are designed and applied to protect legitimate public interest objectives, including the protection of health, safety and the environment, do not constitute expropriation or nationalization; except in exceptional circumstances where such actions are so severe that they can not reasonably be perceived as a result of adoption and implementation in good faith to achieve its objectives;
D) Shares and awards of the courts of a Contracting Party that are designed, implemented or issued for reasons of public interest, including those designed to address concerns health, safety and the environment, do not constitute expropriation or nationalization.
3. Compensation shall be equivalent to the fair market value of the expropriated investment immediately before the expropriation or before the imminence of it became public knowledge, whichever comes first, and will include interest at a reasonable commercial rate until the date of payment shall be made without undue delay, be effectively realizable and freely transferable.
4. The affected investor shall be entitled, in accordance with the law of the Contracting Party making the expropriation, to prompt review of his case by a judicial or other independent authority of that Contracting Party to decide whether the expropriation and the valuation of its investment were made according to the principles set out in this article.
5. Where a Contracting Party expropriates the assets of a company incorporated in its territory in accordance with existing legislation and in which participating investors of the other Contracting Party shall ensure that the provisions of this article is applied so that such investors have compensation fair and equitable.
6. The establishment of monopolies  by either Contracting Party shall be in accordance with the obligations of this article.
7. The Contracting Parties confirm that issuance of compulsory licenses granted in accordance with the Agreement of the World Trade Organization Aspects of Intellectual Property Rights Trade-Related is not covered by the provisions of this article.
ARTICLE 7. COMPENSATION FOR LOSSES.
Investors of one Contracting Party whose investments in the territory of the other Contracting Party suffer losses owing to war, armed conflict, revolution, a state of national emergency, insurrection, riot or other similar events, shall as regards restitution, indemnification, compensation or other settlement, treatment no less favorable than that granted by the Contracting Party receiving investments to their national investors or investors of any third State.
ARTICLE 8 Subrogation.
1. If a Contracting Party or its designated agency has granted a financial guarantee against non-commercial risks, and makes a payment under the guarantee, or act according to their rights as subrogated with respect to an investment by one of its investors in the territory of the other Contracting Party, that other Contracting Party shall recognize the subrogation of any right, title, claim or privilege of existing shares or that may occur. The Contracting Party or its designated agency subrogated not have additional to the original investor rights.
2. If a dispute arises, the Contracting Party which has been subrogated to the rights of the investor may not initiate or participate in proceedings before national courts or submit the case to international arbitration in accordance with the provisions of Article 9 (Dispute disputes between a Contracting Party and an Investor of the other Contracting) Part of this Agreement.
ARTICLE 9 SETTLEMENT OF DISPUTES BETWEEN A CONTRACTING PARTY AND AN INVESTOR OF THE OTHER CONTRACTING PARTY.
1. Any dispute between an investor of one Contracting Party and the other Contracting Party concerning an investment under this Agreement or in connection with the interpretation or application of this Agreement shall, to the extent possible, be settled amicably by the parties in dispute . Any dispute shall be notified in writing, including detailed information by the investor to the Contracting Party receiving the investment (Notice of Dispute).
2. Such dispute shall be submitted for resolution before a competent administrative body of non-judicial, if required by the law of the Contracting Party.
3. If the dispute can not be settled in accordance with paragraphs (1) and (2) within six (6) months from the Notice of Dispute referred to in paragraph 1, the investor may choose to submit it for resolution to:
a) the relevant courts or the courts of the Contracting Party in whose territory the investment was made; or
b) international conciliation under the Conciliation Rules of the United Nations Commission on International Trade Law (UNCITRAL); or
c) arbitration, according to the following subparagraph:
i) The International Centre for Settlement of Investment Disputes (ICSID) created by the "Convention on Settlement of Investment Disputes between States and Nationals other States ", opened for signature in Washington on March 18, 1965, when the two Contracting Parties have acceded to that; or
ii) Where one of the Contracting Parties has not acceded to the Convention, the dispute may be resolved under the Additional Facility for the Administration of Conciliation. Arbitration and ICSID Acts; or
iii) An ad hoc arbitration tribunal established under the Arbitration Rules of the United Nations Commission on International Trade Law of 1976, subject to the following modifications:
a) The authority the appointment under Article 7 of the Regulation shall be the President, Vice President or the judge next in seniority of the International Court of Justice, which is not a national of any of the Contracting Parties. The third arbitrator shall not be a citizen of either Contracting Party;
B) The Parties shall appoint their respective arbitrator within two (2) months.
4. The choice of the investor to submit a dispute either under paragraph 3 (a) or (b) or (c) of this section shall be final.
5. The disputing investor shall submit to the Contracting Party a written notice ( "Notice of Intent") to submit a request for arbitration at least one hundred eighty (180) days before submitting the application. Such notification shall indicate the name and address of the investor the Agreement that the disputing investor considers were violated, the facts on which the dispute is based, the estimated value of the damage and the alleged compensation.
6. The Notice of Intent submitted by the disputing investor to arbitration in accordance with paragraph 5, while pending settlement under paragraphs 1 and 2 shall not prevent the investor to make an election under paragraph 3 of this article.
7. Each Contracting Party gives its advance and irrevocable consent to the submission of a dispute to arbitration any of the procedures outlined in paragraph 3.c of this article.
8. Arbitration awards shall be final and binding on the parties to the dispute.
9. The investor may not make a request for arbitration if more than three (3) years have elapsed from the date on which he became aware or should have been aware of the alleged violation of this Agreement and of the alleged loss or damage suffered.
10. The resolution mechanisms provided for disputes in this Agreement shall be based on the provisions of this Agreement, the national law of the Contracting Party in whose territory the investment was made, including rules on conflicts of law, the general principles of law and international law.
11. The Court must consider whether the applicant's complaint is frivolous, and shall provide the disputing parties a reasonable opportunity to comment. If a frivolous claim the Tribunal should award costs to the applicant.
12. The court shall not have jurisdiction to rule on the legality of the measure in the light of domestic legislation.
13. Delivery of the Notice of Intent and other documents on a Party shall be made at the place designated by the Party in Annex I (Delivery of Documents under Article 9).
14. The arbitral tribunal shall decide on the basis of its decision and provide reasons to the request of either Party.
ARTICLE 10. SETTLEMENT OF DISPUTES BETWEEN THE CONTRACTING PARTIES.
1. Any dispute between the Contracting Parties concerning the interpretation or application of this Agreement shall be resolved, insofar as possible, through negotiations.
2. In the event that the dispute can not be settled in this way within a period of six (6) months from the date of commencement of the negotiations, it shall be submitted, at the request of either Contracting Party to an Arbitral Tribunal .
3. The Court of Arbitration shall be constituted as follows: each Contracting Party shall appoint one arbitrator and the two arbitrators shall appoint a citizen of a third State with which both Contracting Parties maintain diplomatic relations, who will chair the Tribunal. The arbitrators shall be appointed within three (3) months and the Chairman shall be appointed within five (5) months from the date of notification by one party to the other of its intention to submit the case to a court of arbitration. The appointment of the Chairman shall be approved by the Contracting Parties within thirty (30) days from the date of his nomination.
4. If within the periods specified in paragraph (3) of this article would not have made the necessary appointments, either Contracting Party may, in the absence of any other agreement, invite the President of the International Court of Justice to make the necessary appointments . If the President of the International Court of Justice is a national of either Contracting Party or otherwise hath impediment to perform this function, the Vice President will be invited to make the necessary appointments. If the Vice President is a national of either Contracting Party or also is prevented from discharging the said function, the member of the International Court of Justice next in seniority who is not a national of either Contracting Party shall be invited to make the appointments necessary.
5. The arbitration tribunal will decide based on the provisions enshrined in this Agreement and the generally accepted principles applicable to the matter international law. The Tribunal shall decide by majority vote and shall determine its own procedural rules. The decisions of the Tribunal shall be final and binding on both Contracting Parties.
6. Unless otherwise agreed, each Contracting Party shall bear equally the expenses of the arbitrators and the arbitration process.
ARTICLE 11. DENIAL OF BENEFITS.
L. A Contracting Party may deny the benefits of this Agreement to an investor of the other Contracting Party and to investments of such investor if persons of a third State own or control to the investor and the Contracting Party that denies benefits:
to ) does not maintain diplomatic relations with that third State; or
b) adopts or maintains measures with respect to such Third State that prohibit transactions with the investor or as may be violated or circumvented if the benefits of this Agreement were accorded to the investor or investment.
2. A Contracting Party may deny the benefits of this Agreement to an investor of the other Contracting Party that is an enterprise of such other Party and to investments of such investor if the company has no substantial business activities in the territory of the other Contracting Party and if people of a third State or Contracting Party that denies benefits, own or control that company.
ARTICLE 12. ENTRY AND STAY OF PERSONNEL.
A Contracting Party, subject to its applicable with respect to the entry and stay of persons who are not citizens laws, allowed to enter and remain temporarily in its territory to natural persons of the other Contracting Party and personnel employed by the companies of the other Contracting Party in order to pursue activities related to investments.
ARTICLE 13. GENERAL EXCEPTIONS.
1. Nothing in this Agreement apply to tax matters.
2. Nothing in this Agreement shall require a Contracting Party to protect investments made with capital or assets originated in illegal activities.
3. However, any other provision of this Agreement a Party will not be prevented from adopting or maintaining measures relating to financial services for prudential reasons . If these measures are not in accordance with the provisions of this Agreement, these should not be used in the sense of avoiding commitments or obligations of the Contracting Party under such provisions, in particular those obligations under Articles 5 (Transfers) and 6 ( Expropriation).
4. Nothing in this Agreement shall prevent a Contracting Party to act, when it deems necessary to protect its nondiscriminatory essential security interests or in circumstances of extreme emergency in accordance with its laws normally and reasonably and.
5. Subject to the requirement that the measures can not be applied so as to constitute an arbitrary or unjustifiable discrimination against investors of the other Contracting Party or blind to investments of investors of one Contracting Party in the territory of restricting the other Contracting Party, nothing in this Agreement shall be construed to prevent the adoption or implementation by a Contracting Party of measures:
a) necessary to preserve public order;
B) necessary to protect human, animal, vegetable or health;
C) Related to the protection of the environment or the preservation of exhaustible natural resources if such measures are applied in conjunction with restrictions on domestic production or consumption;
D) To comply with its obligations under the United Nations Charter for the maintenance of international peace and security.
ARTICLE 14. APPLICABLE LAW.
Any investment made as part of this Agreement shall be governed by the laws and regulations in the territory of the Contracting Party receiving the investment.
ARTICLE 15. OTHER PROVISIONS.
If the provisions of existing or future international law contain rules, general or specific, entitling investments by investors of the other Contracting Party a more favorable treatment than that provided in this Agreement, such regulation shall prevail over this Agreement, to the extent that it is more favorable.
ARTICLE 16 CONSULTATIONS.
The Contracting Parties shall consult each other on any matter relating to the application or interpretation of this Agreement.
ARTICLE 17. ENTRY INTO FORCE, DURATION AND TERMINATION.
1. This Agreement shall enter into force sixty (60) days after the date on which the Contracting Parties have notified each other that their respective internal constitutional formalities required for the entry into force of international treaties have been fulfilled.
2. This Agreement shall remain in force for a period of ten (10) years. Thereafter it shall be extended automatically unless either Contracting Party has notified in writing to the other Contracting Party through diplomatic channels of its intention to terminate it. The agreement is considered terminated one year after the date of receipt of such written notice.
3. This Agreement may be amended at any time after its entry into force by mutual consent time.
4. Notwithstanding the termination of this Agreement in accordance with paragraph 2 of this article, it will remain effective for a further period of ten (10) years from the date of its termination in respect of investments made or acquired prior at that date of termination of the Agreement.
IN WITNESS WHEREOF the undersigned, being duly authorized by their respective governments, have signed this Agreement.
Signed in the city of New Delhi on the 10th of November, 2009 in three originals in Spanish, English and Hindi languages, both texts being equally authentic. In case of any divergence, the English text shall prevail.
ANNEX I. DELIVERY OF DOCUMENTS TO A PART ACCORDING TO ARTICLE 9
The place of filing of the Notice of Intent and other related dispute settlement Article 9 in India documents is:
Department of Economic Affairs Ministry of Finance
North Block, New Delhi 110001, India COLOMBIA
the place of delivery of the Notice of Intent and other related dispute settlement Article 9 in Colombia documents is:
Directorate of Foreign Investment and Services
Ministry of Commerce, Industry and Tourism
Calle 28 No 13th-15
THE SIGNED AGREEMENTS AREA COORDINATOR MANAGEMENT OF INTERNATIONAL LEGAL AFFAIRS MINISTRY OF FOREIGN AFFAIRS (E) CERTIFIES
That the reproduction of text above is true and complete copy of the original text in Castilian the "Agreement for the promotion and protection of investments between the Republic of Colombia and the Republic of India", signed in the city of New Delhi on the 10th of November 2009, which consists of nine (9) pages, document is on file Treaty area of the Department of International Legal Affairs, Ministry of Foreign Affairs.
Given in Bogotá, DC, 16 March 2010. The Coordinator Area
Treaties (E), Directorate of International Legal Affairs, MATÍAS
DEMETRIO JOSE ORTIZ. RAMA
PUBLIC POWER EXECUTIVE PRESIDENCY OF THE REPUBLIC
Bogotá, DC, on March 5, 2010. Authorized
. Submit for consideration by the honorable Congress for constitutional purposes.
The Alvaro Uribe Foreign Minister,
(Sgd.) Jaime Bermudez. DECREES
ARTICLE 1o. To approve the "Agreement for the promotion and protection of investments between the Republic of Colombia and the Republic of India", signed in the city of New Delhi on the 10th of November 2009.
. In accordance with the provisions of article 1 of Law 7 of 1944, the "Agreement for the promotion and protection of investments between the Republic of Colombia and the Republic of India", signed in the city of New Delhi on the 10th of November 2009, that article 1 of this law is passed, it will force the country from the date the international link is perfect therefrom.
ARTICLE 3. This law applies from the date of publication.
The President of the honorable Senate, Armando Benedetti
The Secretary General of the honorable Senate,
EMILIO RAMÓN OTERO DAJUD.
The President of the honorable Chamber of Representatives,
CARLOS ALBERTO DIAZ ZULUAGA.
The Secretary General of the honorable House of Representatives,
JESUS ALFONSO RODRÍGUEZ CAMARGO.
REPUBLIC OF COLOMBIA - NATIONAL GOVERNMENT
transmittal and enforcement.
Run, after review by the Constitutional Court, pursuant to Article 241-10 of the Constitution.
Given in Bogotá, DC, on June 14, 2011.
CALDERON JUAN MANUEL SANTOS Vice Minister of Multilateral Affairs, Ministry of Foreign Affairs, in charge of the functions of the office of the Minister of Foreign Affairs,
BEATRIZ PATTI LONDOÑO JARAMILLO.
The Minister of Commerce, Industry and Tourism, Sergio Díaz-Granados Guida
* * * 1. With regard to Colombia, it is understood that the term "public utility or social interest" included in Article 58 of the Constitution of Colombia (1991) is compatible with the term "public purpose" used in this article.
2. With regard to Colombia, monopolies will be established under Article 336 of the Constitution of Colombia (1991).
3. It is understood that the adoption or maintenance of measures relating to financial services for prudential reasons, including measures for the protection of inversio-nists, depositors, policyholders or to ensure the integrity and stability of the financial system.