Venezuela and Colombia sign a BIT

The two Latin American states signed a bilateral investment treaty in February 2023. For Venezuela, it is a first investment treaty signed since 2008, and the first signed with another Latin American state since 1997, when the country signed a BIT with Uruguay.

While the treaty includes access to ISDS and some basic investment protection standards, it does not include controversial FET clauses, and its provisions regulating expropriation include important safeguards. In line with modern investment treaties, it also establishes a joint investment committee.