Recently, Colombian Congress enacted Law 1563, the new Statute on National and International Arbitration. This statute, partially based on the Uncitral Model Law on International Commercial Arbitration, intends to modernize the Colombian legal rules on arbitration, to harmonize them with other national laws, and to incentive parties to contracts with some transnational component to choose Colombia as a venue for international arbitrations. In this connection, the purpose of this Note is two-fold. First, to discuss some of the new legal rules on international arbitration. Second, to analyze some challenges that the new statute must face to achieve the intent indicated above.