Political Risk Latin America Blog @PolRiskLatam

EU, Colombia, Peru sign ambitious trade agreement; saves half a billion Euros in tariffs

Posted in News and Articles, Political Risk by politicalrisklatam on April 14, 2011

by Merco Press News, April 13th, 2011.

EU Trade Commissioner Karel De Gutch together with Colombian Minister for Trade Sergio Diaz-Granados Guida and Peruvian Deputy Minister for Foreign Trade Carlos Posada Ugaz, celebrated Wednesday in Brussels the initialling of an ambitious trade agreement between the EU, Colombia and Peru.

The agreement is estimated to be worth overall half a billion Euros in duties saved and 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 Commissioner De Gucht.

“It creates a foothold for European business in the area and an anchor for structural reforms in the countries concerned. This agreement also recognises that the EU partnership with Colombia and Peru is based on the respect of democratic principles and fundamental human rights.”

The following step for the trade agreement is he process of translation into all EU languages, before it will be subject to the approval by EU Member States and the European Parliament. (continue reading… )

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