Bogota, Jul 8 (IANS): Colombia is likely to ratify double taxation avoidance agreement (DTAA) with India by the end of this year, which will help boost flow of two-way investments.

Colombia's vice minister of commerce Carlos de Hart, during a meeting with India's Minister of State for Commerce and Industry Jyotiraditya Scindia assured that Colombian parliament would ratify the double taxation avoidance treaty by the end of this year.

Hart stated that 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, according to a statement released by India's commerce and industry ministry after the meeting.

Scindia, accompanied by a high-level business delegation was on a two-day visit to Colombia from July 6-7.

Scindia said the ratification of the double taxation avoidance agreement (DTAA) from the Colombian side will help build the investor's confidence on both sides.

Both the ministers welcomed the implementation of Bilateral Investment Promotion and Protection Agreement (BIPPA) between the two countries which came into effect from June 25 this year.

Scindia called for enhancing economic engagements between the two countries saying trade and investment potentials were largely untapped.

Colombia is quite rich in natural resources such as petroleum, coal, minerals and India needs such resources to sustain its high growth rate. On the other hand, India's strength and expertise in IT, manufacturing, pharma, biotechnology and railway construction can help improve Colombia's global competitiveness, he said.