India and Columbia have signed bilateral promotion and protection agreement to boost the trade and investment between the two countries. The agreement was signed by the Commerce and Industry Minister, Mr. Anand Sharma and the Minister of Industry and Tourism of Columbia, Mr. Luis Guillermo Plata, in New Delhi today.<br/><br/>The agreement provides for detailed dispute resolution mechanism which includes recourse to negotiations, conciliation, domestic dispute resolution mechanism and to international arbitration. The 10 year agreement will be automatically extended unless a notice is given by any of the two countries or terminating the agreement. There is also a provision for amendment to the agreement by mutual consent.