The UK and Colombia have formed new partnership agreements including a £1bn trade and development commitment from the UK and a five-year oil and gas pact between the two countries.

Following a state visit by Colombian President Juan Manuel Santos last week, it was announced that UK Export Finance (UKEF) will provide up to £1bn in support for UK trade with Colombia.

The funds are expected to support projects across numerous sectors with increased focus on healthcare and renewable energy.

Meanwhile, a separate oil and gas agreement consisting of a partnership between the UK Department for International Trade and the Colombian National Hydrocarbons Agency was also formed.

The agreement will help to promote the development of commercial partnerships and links between the countries. It will also see the two departments working together to help develop Colombia’s oil and gas industry, creating new opportunities for the more established UK oil and gas supply chain.

Commenting on the new deals, secretary of state for international trade, Liam Fox, says: “[The new arrangements] will unlock significant opportunities for UK companies in key sectors such as infrastructure, transport and agriculture.

“The [oil and gas] partnership will see them working together to promote the UK supply chain in Colombia and sharing best practices in a range of areas including regulation and licensing, skills and training, social impact and infrastructure and supply chain development.”