The European Commission officially signed a Trade Agreement with Peru and Colombia on 13 April following nine rounds of negotiation since January 2009, which also originally included Ecuador, according to a press release from the body.
According to the Commission, the European Union (EU) will “open its market” to exporters from Peru and Colombia by committing to an immediate liberalisation in industrial and fisheries products as well as introducing substantial tariff concessions in agriculture.
The deal, which is estimated to be worth overall half a billion euros in saved duties, will open up markets on both sides and increase the stability and predictability of the trading environment.
“This agreement is a milestone in our trade relations with the Andean region and creates the right framework to boost trade and investment on both sides,” said EU Trade Commissioner Karel De Gutch.
The deal is also designed to improve access to public procurement, services and investment markets, further reduce technical barriers to trade, and establish common disciplines including on intellectual property rights, transparency and competition.
The agreement will now follow the process of translation into all EU languages, before it will be subject to the approval by EU Member States and the European Parliament.
The official signing ceremony took place in Brussels, Belgium, and was attended by Commissioner De Gutch, Colombian Minister for Trade Sergio Diaz-Granados Guida and Peruvian Deputy Minister for Foreign Trade Carlos Posada Ugaz.
Bilateral trade in goods between the EU and both Colombia and Peru was worth some €16bn in 2010.
During that time, the EU exported €3.9bn of goods to Colombia and imported €4.7bn. The EU also exported €2.3bn-worth of products to Peru and imported €5.1bn.
