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India asks Colombia to ratify tax treaty

business Updated: Jul 08, 2012 22:54 IST
HT Correspondent

Minister for state for commerce and industry Jyotiraditya M Scindia has called for closer economic engagements with Colombia and urged it to expedite the ratification of the Double Taxation Avoidance Agreement (DTAA) with India.

Scindia, who led a delegation of officials, CEOs and business delegates to Bogota held detailed talks with Carlos de Hart, vice-minister of commerce, Colombia.

While both ministers expressed satisfaction that considerable substance and contents had been added to bilateral relations during the last five years, they agreed that the current level of trade and investment was well below the potential and that calls for focused efforts by the two countries.

They also agreed on the need to widen the trade basket. Hart said enhancing economic engagement with India is a priority of the Colombian government and he expects the Colombian parliament to ratify the DTAA by this year-end.