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Brexit Britain Brokers Oil Deal With Colombia

© REUTERS / Kirsty WigglesworthColombia's President Juan Manuel Santos (C) sits with Greg Hands, Britain's Minister of State for Trade and Investment (L), and Maria Claudia Lacouture, Minister of Trade Industry and Tourism, during a business meeting at Buckingham Palace, in central London, Britain November 2, 2016.
Colombia's President Juan Manuel Santos (C) sits with Greg Hands, Britain's Minister of State for Trade and Investment (L), and Maria Claudia Lacouture, Minister of Trade Industry and Tourism, during a business meeting at Buckingham Palace, in central London, Britain November 2, 2016. - Sputnik International
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UK Prime Minister Theresa May, will announce a new oil and gas partnership between Colombia and Britain. The deal comes shortly after the Colombian peace deal, which would have ended over 50 years of internal conflict, was rejected by the people.

The talks between Mrs. May and the Colombian President Juan Manuel Santos, come on the second day of the Colombian leader's visit to the UK. Mr. Santos also met with the Queen at a banquet at Buckingham Palace on Tuesday, November 1.

The PM and the President are expected to discuss the partnership between Colombia and UK, which comes at a time when Britain is trying to boost trade following its June 23 referendum vote to withdraw from the European Union. The two leaders will also announce a new double taxation agreement to help businesses and employees in both countries. 

The new gas and oil partnership will bring together the cities of Aberdeen, in Scotland and Barranquilla, in Colombia and both regions will share their best practices in areas like regulation, supply chain development and training.

The Prime Minister and the President are also expected to discuss how the UK can support efforts to secure a lasting peace agreement in Colombia, following last month's referendum which narrowly rejected Mr. Santos's deal to end conflict with FARC guerrilla fighters. 

Colombia's President Juan Manuel Santos (L) and Colombian First Lady Maria Clemencia de Santos arrives at congress to present the FARC peace accord to the Colombian Congress in Bogota, Colombia, August 25, 2016. - Sputnik International
Colombia Votes No to the Peace Deal: Voters 'Want More Accountability From FARC'

Since the UK voted Brexit, countries such as Australia and New Zealand have been negotiating free trade agreements (FTA) with the EU and have also considered their options within the UK. Prime Minister Malcolm Turnbull has suggested New Zealand and Australia could team up to negotiate a single deal with the UK. 

However other countries have been less kind. Prior to the EU referendum vote, US President Barack Obama waded into the debate, urging voters to remain in the EU. Britain would be at the "back of the queue" when it came to new trade agreements with the US, he warned.

The relationship between the UK and Colombia, as well as the rest of Latin America is crucial if Britain is to secure trade deals pre and post-Brexit.

Downing Street said that the UK has been Colombia's third largest foreign investor over the past decade, with a trading relationship worth US$1,23 billion (£1bn) last year. As a result, the internal relations between the two countries are of crucial importance. 

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