Google will soon treat the Colombian extension, .co, as a generic extension (gTLDs) rather than as a country extension (ccTLD). Normally Google mainly makes sure that a ccTLD is highly ranked in the country where the ccTLD stands for. If someone in Colombia is searching for some information about a particular topic through Google, Google will make sure that websites with a .co domain name that contains information covering the subject are ranked higher than sites from other countries.
Besides the ccTLDs, you also got the gTLDs, the generic extensions such as .com, .net, .org … These extensions can not be linked to a country and are seen by Google as international extensions. Whether you’re from Belgium or from Canada looking for information about a particular topic, you make as much chance of ending up on a site that makes use of a generic extension.
So now Google has decided to handle the .co domain, which is a country extension, as a generic extension. This will only happen if the content of the websit is globally targeted.