Both nations are members of the United Nations, International Monetary Fund, International Maritime Organization, World Bank, World Trade Organization and Organisation for Economic Co-operation and Development.

Colombia's first diplomatic representation in Australia was opened in Canberra between 1998 and 2002, and was later reopened in 2008. in July 2012, the Australian Government progressed by opening the Australian Consulate-General in Colombia, under the direction of Austrade, in order to ease business exchange and academic mobility.

The office constituted Australia's first permanent presence in Colombia, enhancing and supporting the work of the Non-Resident Embassy, located in Santiago.

Companies from Colombia exported non-mining-energy products to Australia for amounts worth US$10,000.

The main products exported from Australia to Colombia included Orthopedic Appliances ($6.43M), Cyanides ($5.45M), and High-voltage Protection Equipment ($2.09M).