Emerging Markets / October 11, 2016

Nobel for Santos increases Momentum for Peace in Colombia

On Friday, October 7th the Norwegian Nobel Committee awarded Colombian President Juan Manuel Santos with its yearly peace prize for his resolute efforts to bring the country’s more than 50-year-long civil war to an end. Furthermore, the committee stated “the award should also be seen as a tribute to the Colombian people who, despite great hardships and abuses, have not given up hope of a just peace, and to all the parties who have contributed to the peace process”. This price restores the Colombian political balance in favor of President Santos and seeks to keep the most vulnerable within society at the center of the national discussion.

Nobel for Santos increases Momentum for Peace in Colombia

During the last week, all sectors of civil society, including the government of President Santos and the opposition led by former President Uribe, have been engaged in dialogues to ensure the implementation of a consensual Peace Treaty in Colombia. Though the current terms of the agreement reached by the government and the FARC guerrilla were rejected by popular vote on October 2nd, all parties have shown a remarkable disposition to adjusting the current agreement and enforcing it as soon as possible. Politically weakened by the rejection of the terms that his government originally agreed upon, President Santos has created a commission composed of three representatives from his own ministers as well as three representatives from the opposition sectors in order to revise the terms of the agreement.

The recognition by the Nobel Committee of President Santos’ efforts and commitment to the creation of a lasting peace in Colombia reaffirms the unequivocal support that the international community has offered to the peace process throughout the last several years. Domestically, this recognition is momentous because it has significantly increased the national support for President Santos and for a quick resolution of this political negotiation, particularly amongst the sectors of the population that did not make it to the voting booth on October 2nd. Furthermore, over the last week there have been numerous mass demonstrations in favor of the Peace Treaty in major cities throughout the country (see image above). These demonstrations, including a steadfast determination by the FARC commanders to see the peace process through, are expected to continue into the coming weeks.

In a gesture that coincides with the discourse of the government, President Santos has announced that he will donate the money received along with the Nobel Prize to charities and causes that directly help the victims of the armed conflict within the country. Given that the Colombian armed conflict was essentially rural in its nature, a central part of the discussions is rural and agricultural development through sustainable crops and foreign investment. Likewise, economic indicators, such as the valuation of the Colombian Peso, have remained stable over the last few weeks.

The time has come for Colombian politicians to put the interests of the nation and all of its citizens before their own personal calculations. A coherent peace agreement that facilitates sustainable rural and economic development throughout the country must be agreed upon and implemented within the coming weeks. Thankfully, President Santos has proven to be a true statesman and the international community has recognized it.

(Read more about how Negotiation will Ensure a Stable and Lasting Peace in Colombia)