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Colombia has completed the 8-year accession process, now making it a full member of the OECD: The Organization for Economic Cooperation & Development based in Paris.

Though the country is advancing its relationship with the alliance in other ways, "Colombia will not conduct tactical operations with NATO," said Defense Minister Luis Carlos Villegas.

Colombia has signed a memorandum of understanding with Austria to promote cooperations in renewable energy.

The proposed reforms will aim to solidify macroeconomic stability, boost development, encourage public/private partnerships, strengthen regulation, and promote financial inclusion.