Yep

https://en.wikipedia.org/wiki/Political_colour

Parties in different countries with similar ideologies sometimes use similar colours. As an example, the colour red symbolizes ideologies further to the left of the political spectrum, sometimes referred to as left-wing politics. In some countries this has also been associated with Communism (leading to the use of such terms as “Red Army” and “Red Scare”). The colour blue is often used for conservatism, politics that lie further to the right of the political spectrum, and thus referred to as “right of centre” or “right wing” politics. In more recent years, the colour yellow has been commonly associated with liberalism and right-libertarianism, while the colour green has an association with Green politics so-named after the ideology’s choice of that colour and concern with environmental issues, also commonly described as being green.[2][3]