New Delhi, July 2 The Union Cabinet today approved the signing and ratification of Bilateral Investment Promotion and Protection Agreement (BIPA) with the Government of Colombia.

The Agreement is likely to promote and protect the interests of investors of either country in the territory of the other country.

Such Agreements increase the comfort level and boost the confidence of the investors by assuring a minimum standard of treatment and non-discrimination in all matters while providing for justiciability of disputes with the host country.

The signing of BIPA is likely to increase investment flow between India and Colombia.

Government of India has signed BIPAs with 75 countries so far. (ANI)