Colombia’s legal and regulatory systems are for the most part transparent and consistent with international norms. Colombia has a comprehensive legal framework for business and foreign direct investment (FDI), and the U.S.-Colombia Trade Promotion Agreement (CTPA) that took effect on May 15, 2012, has strengthened trade and investment between our countries. Through the CTPA and several international conventions and treaties, Colombia’s dispute settlement mechanisms and intellectual property rights protection are stronger than ever. Nevertheless, piracy and counterfeit products continue to be a major problem, which is the reason why Colombia remains on the U.S. Trade Representative’s Special 301Watch List.