Spanish company Telefónica were also affected by this ruling, and might follow América Móvil into court, signifying higher stakes for the Colombian government.įinally, there is Swiss big pharma flagship, Novartis, which plans to throw their suit in the following weeks. The Mexican company is trying to reclaim assets lost in a Constitutional Court ruling regarding mobile service provision. The area designated for their operations was recently declared a national reserve, and the dispute will try to determine whether the mining rights were granted before or after this designation.Īnother notable claim was filed by regional telecoms titan América Móvil, owners of Claro, the largest mobile provider in the continent. The claim follows a fight for mining rights in the Vaupes region, near the Brazilian border. Perhaps the most worrying suit comes from Canadian firm Cosigo Resources, which are suing the Colombian state for $16.5 billion, a sum that amounts to 12% of the country’s GDP. When a one billion investment was not endorsed by Colombian authorities, Glencore’s coal mining subsidiary Prodeco was sanctioned, fined and forced to renegotiate. The Anglo-Swiss Glencore on the other hand is fighting an internal battle against state agencies regarding an adjustment in the payment of royalties. The claim specifically addresses “Excessive delays in the delimitation of the Santurbán moorlands” which have now come under special protection following a ruling by the Colombian Constitutional Court. The most notorious suits come from mining powerhouses, Glencore, Eco Oro and Cosigo.Įco Oro’s case refers to a long standing battle between Colombia and the Canadian firm over gold mining rights in the Santurbán moorlands. Well, this could be the case for Colombia, as in recent weeks corporate giants are filing multi-million claims against the state for alleged violations to the FTA guidelines. If countries are not responsible in their application, FTAs can turn into headaches instead.
It is well known that FTAs are mixed blessings, they are complex relationships with thousands of intricacies.
Colombia has been relying on free trade agreements (FTAs) to cement their position in the international markets, they have 13 of these agreements signed, with a handful of others pending ratification.
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