Colombia’s Deputy Foreign Minister Ms. Monica Lanzetta Mutis said here today that her country is interested in establishing the Joint Study Group ahead of the Presidential visit of Juan Manuel Santos to India next year.

Addressing a gathering of diplomats, scholars and experts on “Colombia’s Foreign Policy Towards Asia and the World” at Observer Research Foundation on Thursday, Colombia’s Deputy Foreign Minister Monica Lanzetta Mutis said that her country was interested in establishing the Joint Study Group ahead of the Presidential visit of Juan Manuel Santos to India next year.

“The Joint Study Group should analyse the feasibility of engaging in bilateral Free Trade Agreement negotiations with India,” she said.

She noted that Colombia had negotiated two important instruments with India to deepen the bilateral economic and commercial relations. Earlier this year, Colombian National Congress approved the bilateral investment treaty which was signed in November, 2009..

Mutis said Colombia also completed the negotiations with India to avoid double taxation regime in 2010 and it was subscribed this year. “Now it will go to the Congress for its consideration,” she added.

As an important producer of hydro-carbons with 930 thousand barrels per day, Colombia’s trade with India has now touched $ 1350 million in 2010 – from a mere $ 400 million in 2006.

The Colombian Minister said during the first quarter of this year, her country exported to India goods worth $ 278 million, mainly fossil oil, carbon and ferronickel while it imported from India $ 519 million worth of cars, chemicals, textiles and machinery.

“We have the challenge to diversify our supply with higher value added exports and to increase our bilateral commercial flows,” she said and added “guaranteeing the necessary openness and stability to achieve a mutual and sustainable growth”.

Noting that Indian foreign investment in her country was growing, the Colombian Minister said there were interesting opportunities for India’s leading companies in sectors such as energy, infrastructure and services in which Indian companies have developed high levels of competitiveness.

She said with increasing economic relations, the strengthening of Colombia’s relations with Asia has a very important place. “We are determined to deepen our ties with key actors such as India. Our interest today is to broaden the agenda of dialogue to include topics like cooperation in education, innovation, science and technology, trade, medicine, environmental issues and renewable energies.”