EU Trade Agreement with Columbia and Peru
On June 26, 2012 the EU Commission has signed an agreement with Colombia and Peru that will open mutually the markets
Trade figures 2011 between the three parties amounted to EUR 21.1 billion. The now signed trade agreement includes also far reaching measures in view to protection of human rights and the rule of law, as well as commitments to effectively implement international conventions on labour rights and environmental protection and intellectual property rights and also dispute settlement rules are defined and there is also an accent on sustainability issue and enhanced cooperation between the trade partners. It will also eliminate certain tariffs and technical or procedural obstacles and will be beneficial to EU suppliers over time. It will allow also improved market access in government procurement and services. All in all, the new agreement reflects also the new general EU rules on trade. The agreement has to be ratified by the EU Parliament as well as in Peru and Colombia and to full entry into force the 27 EU Member States have to ratify it.