To ask the Secretary of State for Business and Trade, if he will make an assessment of the (a) effectiveness of and (b) implications for his policies of recent investor-state dispute settlements under the bilateral investment treaty with Colombia; and whether he plans to retain that treaty.

The Government regards the UK-Colombia Bilateral Investment Treaty (BIT) as playing an important role in the investment relationship between our two countries. The stock of total investment between the UK and Colombia was £6.8 billion in 2023. The BIT contains legally binding investment protection commitments which ensure UK and Colombian investors are treated in line with the rule of law, and are protected against unfair, arbitrary or discriminatory treatment, and expropriation without adequate compensation.