A Guide to the New Bilateral Investment Treaty between the Kingdom of Spain and the Republic of Colombia
2022 Investment Arbitration Outlook Uría Menéndez, n.º 9
On 16 September 2021, the Governments of the Kingdom of Spain (‘Spain’) and the Republic of Colombia signed a new bilateral investment treaty (‘2021 BIT’) to replace the one signed in 2005 (‘2005 BIT’). This new treaty is the first one Colombia has negotiated and signed under the new Model BIT of 2017. It also follows the European Union’s new approach to international investment law. While the 2005 BIT was only 13 articles long, the 2021 BIT has three times the number of articles, reflecting Colombia and Spain’s intention to fill in the gaps left by previous investment treaties and the lessons they have learned from investor-State disputes.
In this Article we highlight some of the important changes to be aware of once the 2021 BIT enters into force.