The ratification of the Double Taxation Avoidance Agreement (DTAA) between India and Colombia will take a “little more time” due to procedural delays by the South American nation.
This was conveyed to India by the visiting Colombian Vice-Minister of Entrepreneurial Development, Carlos Andres de Hart Pinto, when the matter was raised by India during the second meeting of the Joint Committee of Business Cooperation. “In Colombia, the Constitution procedure takes a little bit longer than it takes in India,” Mr. Pinto told reporters after the meeting. The two sides had signed the treaty in 2011 in a bid to give a big boost to investment. The pact is yet to be ratified by Colombia.
“The ratification is likely to happen in the first-half of this year, ” he said.
The Colombian side also raised the issue of high tariffs in the coffee sector. “Their request is for opening up the domestic sector for Colombian coffee. And, we have agreed to examine the request after doing consultation with the stakeholders,” Additional Secretary in the Commerce Ministry Madhusudan Prasad said.
In a bid to boost trade and investments between the two countries, both sides agreed to set up five joint working groups (JWGs) on pharmaceutical/bio-technology, IT, FMCG, automobile and textiles.