In 1947, during a United Nations session, General Assembly Resolution 181 recommended the partition of British Mandate Palestine into one Jewish and one Arab state. Colombia abstained.
In the mid-1950s both countries officially established diplomatic relations and set up embassies in Bogotá and Tel Aviv respectively. Relations improved tremendously in 1988 when major trade agreements[which?] were signed between Israel and Colombia. A Free Trade agreement was signed on 10 June 2013 and it came into effect at the end of the year, this agreement reduces tariffs on industrial and agricultural products between the two countries, and enable Israeli companies and individuals to invest with greater ease in the Colombia economy, considered one of the strongest in South America. Israeli exports to Colombia totaled some $143 million USD in 2012, and consisted mostly of communications equipment, machinery, electrical and mechanical devices and chemical products.
Colombia's position throughout the historic Israel-Palestine conflict has been characterized by maintaining balance between political interests of the country and respect for principles and norms of international law. In this line of thought, Colombia has maintained its position to recognize the right of Israel to live within secure borders, as recognized internationally boundaries free from threats and acts of violence. Under the same conditions, Colombia also supports the aspiration of the Palestinian people to establish themselves as a free and independent state in the region. Additionally, Israel is Colombia's main partner in the region and is Colombia's second largest trading partner in South America after Brazil. Bilateral relations have deepened through high-level visits in recent history.
The Colombian embassy is located on the eight floor of the Sason Hogi Tower at Abba Hillel Street 12 in the Tel Binyamin neighbourhood of Ramat Gan, Tel Aviv. The ambassador is Fernando Adolfo Alzate Donoso.  The Embassy shares its location with the Consulate General of Colombia in Tel Aviv. The Embassy is charged with representing the interests of the President and Government of Colombia, improving diplomatic relations between Colombia and the accredited countries, promoting and improving the image and standing of Colombia in the accredited nations, promoting the Culture of Colombia, encouraging and facilitating tourism to and from Colombia, and ensuring the safety of Colombians abroad.
Colombia has purchased planes, drones, weapons and intelligence systems from Israel. Colombia's deepening ties with Israel are seen by some as a method to counteract growing Iranian influence in Latin America, particularly Tehran's partnership with Venezuela.