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"We have taken the issue of cybersecurity very seriously," said Asobancaria President Santiago Castro.

Though Los Andes continues to excel, the nation’s other institutions continue to lag behind many of their regional peers in the rankings.

Parque Arauco’s Colombian operations accounted for 14.2% of its revenues in the second quarter of 2018, according to the firm.

The visit will be a part of the secretary’s larger trip to South America, including stops in Brazil, Argentina, and Chile.

In April, Colombia, Brazil, Argentina, and others suspended their membership in an organization facing leadership issues and no consensus regarding relations with Venezuela.

The agreement intends to give Colombian companies the same access conditions as local firms to the markets of Brazil, Argentina, Uruguay, and Paraguay.

"Being part of this organization will allow Colombia to adopt better public policies, which will contribute to overcoming the large gaps in terms of competitiveness.”

“We are now part of the big leagues," said Colombian President Juane Manuel Santos.

Canada, Australia, Singapore, and New Zealand have been negotiating to become an associate member, a goal also shared by South Korea.

“Only on the basis of dialogue, communication and constant effort can we join efforts to make progress," said Colombian diplomat Andrés González.