Yes. While foreign arbitral wards are subject to enforcement proceedings, Colombian courts will generally recognize and enforce foreign arbitral awards. Colombia is a party to the 1958 New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards, and the 1975 Panama Inter-American Convention on International Commercial Arbitration. In addition, Colombia enacted Law 1563 of 2012, also known as the “Arbitration Statute” (which was influenced by the 1985 UNCITRAL Model Law on International Commercial Arbitration, including its 2006 amendments), which has expedited and streamlined enforcement proceedings, to the point of excluding the formal exequatur procedure required for enforcement of foreign “judgments” (from “judicial” courts). The Supreme Court of Justice in Colombia has generally recognized foreign arbitral awards under the Arbitration Statute, so arbitration is a safe option for foreign creditors looking to opt for arbitration as a dispute resolution method with their debtors in Colombia. In other words, it is safe to include an arbitration clause on contracts of sale or loan agreement with Colombian buyers or debtors, even if the seat of arbitration is in the place of the creditor, outside of Colombia.