The Queen went on to highlight the strong ties between the United Kingdom and Colombia and how the nation's liberator, Simon Bolivar, came to the United Kingdom to seek support in the early 19th century and how 200 years later the two countries continued to be close partners. Britain third largest foreign investorA Downing Street spokesman emphasised the importance of relations between the two countries, saying Britain had been the third largest foreign investor in Colombia over the past decade, with a trading relationship worth £1 billion a year ago.
This afternoon the Colombian president is scheduled to visit Westminster Abbey, where he will be received by the dean, and will then move on to the British Parliament, to meet the heads of the House of Commons and the House of Lords.
The deal being announced Wednesday will see the two countries share information in areas such as regulation, supply-chain development and training.
May also announced a tax agreement with Colombia and 1 billion pounds ($1.2 billion) in export financing to encourage investment in rural health care and renewable energy projects.
Although Colombia's peace deal was narrowly rejected by its citizens in a recent vote, Mr Santos has extended a ceasefire with the country's largest rebel movement to allow more time for efforts to save the peace deal.
Inexperience proved costly for England, says Alastair Cook
So it's not all about just practice, practice, practice, even though people might think that's what we need to do. Off-spinner Mehedi took six wickets for the second time in the test as the hosts tied up the series at 1-1.
The Queen has spoken of the "transformation" of the people of Northern Ireland following the end of the Troubles, as she praised the Colombian president for leading his country along a similar path to peace.
Colombia, along with Chile, Peru and Mexico, is in the Pacific Alliance free trade bloc and represented "a huge opportunity for British business".
The Colombia Bio programme will tap into economic and scientific opportunities in isolated regions affected by the long-running conflict with guerrilla groups in the country, he said.
Following the signing ceremony at London's Natural History Museum, the Colombian delegation was presented with a picture of a new species of ringlet butterfly discovered in the Amazon by a team led by the museum's Bianca Huertas and named the Peace Butterfly - Magneuptychia pax - in recognition of the country's ongoing peace process.