Colombia's Senate Tuesday approved in a first reading an agreement under which China and Colombia will promote and protect their investments in each other's countries.

The approval favors Colombia-China commercial ties, said Colombian Exterior Commerce Minister Sergio Diaz-Granados in a statement, adding the deal signed in 2008 aims to establish a juridical frame to promote bilateral exchanges.

"The agreement is very important for Colombia, because it will protect the Chinese investment in the country, representing international standards, which increases the trust," he said.

According to Diaz-Granados, the agreement will give Chinese investors a treatment of favored nations and will guarantee their freedom to transfer profits.

"Chinese investors will be treated like a national citizen, the same will happen in China with Colombian investors," he said.

China's foreign direct investment in Colombia stood at 13.9 million U.S. dollars in the last 10 years.

Diaz-Granados said that the Colombian government is also ready to sign similar agreements with Japan and India to reinforce its commercial ties with the Asia-Pacific, the world center of economic development and growth.