Bilateral Business Collaboration Agreement between the

Republic of India and the Republic of Colombia

March 23, 2016

Parties Involved

The agreement made between the two countries is made by the following parties:

A. The Republic of Colombia as represented by the Prime Minister of the current

Parliament.
B. The Republic of India as represented by the Prime Minister of the current Parliament.

Preamble

The Republic of India and the Republic of Colombia, hereafter referred to as the Contracting
Parties,

Considering the importance of eradicating extreme poverty and hunger in achieving a better
standard of living over the two countries for the sake of the common good;

Recognizing the benefits each country reaps from cooperating with one another in terms of
economic ties and strengthening political relationships;

Recalling the strong ties between Colombia and India with trade partnerships and mutual aid;

Convinced that business collaboration and mutual foreign direct investments in one another
others’ corporations and established businesses will result in inclusive growth and a trickle-
down effect,

Have agreed as follows:

Purpose

The purpose of this agreement is to generate more jobs for the needy as well as increase
overall Gross Domestic Product (GDP) of the two countries. The overall goal of the bilateral
agreement is to incite inclusive growth and a trickle-down effect to reach the target set out by
the first goal of the Millennium Development Goals (MDG), eradicating extreme poverty and
hunger.

Duration of the Agreement

The duration of the agreement shall commence on the 25th of March 2016, unless terminated by
either one of the contracting parties through a unilateral termination of contract. The duration will
end on the 25th of March 2031. It shall last a period of 15 years to adjust its time period to the
Sustainable Development Goals (SDG). It shall be enforced on the date of ratification of both
parties.

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Priorities of the Agreement

The main priority of the agreement is a mutual relationship that exhibits mutual fruition through
aiding one another’s corporations and businesses. The agreement wishes to maintain the same
strong political relationship Colombia and India has had prior to this engagement.

Another main priority of the agreement is to support businesses and corporations that hold
plenty of employees through investments and other means as dictated by the development plan
proposal. The Business Collaboration Agreement is meant to ultimately aid those who are poor
by giving them opportunities to be employed and receive wages fit for subsistence.

Responsibilities

As the contracting parties are bound by the business collaboration agreement, both parties are
burdened with the task to:

A. Carry out their duties as dictated by the development plan to the best of their abilities.
B. Ensure commitment and accountability to the agreement set out by the contracting
parties.
C. Promote the Business Collaboration Agreement through the various sectors of their
society.
D. Spread awareness of significant milestones achieved from the agreement.
E. Enhance practices and business ethic to promote labor standards and welfare.

Accountability

The contracting parties are obligated to follow the rules and regulations set about by the
Bilateral Business Collaboration Agreement to ensure accountability and transparency. Each
party must ensure that each one is doing their tasks accordingly and should report it to
respective departments.

General Provisions

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Termination

Either party may on provision of twelve calendar months prior written notice to the other
unilaterally terminate this Agreement. During the notice period, the parties will cooperate
to negotiate relevant transition arrangements.

The termination of the bilateral agreement may also be enacted once disputes which
cannot be resolved arise, given that all domestic and international remedies have been
exhausted prior to terminating the agreement.

Extension of the Agreement

The Agreement is and by any chance can be extended through cooperative bilateral
agreements between individual states.

Resolution of Disputes

This article provides the basis for resolving disputes. Any dispute of varying magnitudes
between the contracting parties should first be handled by negotiation of both parties. Once all

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domestic remedies have been exhausted, disputes are to be escalated to the International
Court of Justice (ICJ) of the United Nations.

Ratification

This article is based on the entry to force of the Business Collaboration Agreement as provided
in the duration of the agreement.

However, when constitutions of Contracting Parties call for a different means to ratification for
the entry into force of the bilateral agreement, no recourse would need to be taken by virtue of
this section.

Signatures

SIGNED for and on behalf of the SIGNED for and on behalf of the
REPUBLIC OF COLOMBIA REPUBLIC OF INDIA
by the Prime Minister of the Current Parliament by the Prime Minister of the Current Parliament

Prime Minister Ana Christel Angeles Prime Minister Adrian Jeremiah Vargas

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