Colombia’s response to unfavourable investment arbitration: Renegotiate the bilateral investment treaty
In November 2024, an International Centre for Settlement of Investment Disputes (ICSID) tribunal ordered Colombia to pay Telefónica — a Spanish telecommunications company — US$380 million in damages. This was because the tribunal found that Colombia had violated the fair and equitable treatment requirement in the 2005 Colombia-Spain bilateral investment treaty (BIT). The following month, Colombia filed an application for annulment of the award, as permitted by ICSID rules. The application…