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EU trade agreement with Peru goes live – Colombia’s next in line

EU News 104/2013

28 February 2013

Trade barriers between the EU and Peru will be lifted as of 1 March 2013, when the EU's ambitious and comprehensive trade agreement concluded with Peru and Colombia in 2012 will be provisionally applied with Peru. The Agreement will open up markets for both EU and Peruvian exporters eventually bringing annual savings of more than €500m. But it is the improved, more stable conditions for trade and investment that are expected to bring the biggest gains.

'This agreement is an important step towards strengthening our trade and investment relations with the two countries. I welcome the provisional application of the agreement with Peru, and hope we will be able to announce the same with Colombia as soon as possible,' stated EU Trade Commissioner Karel De Gucht. 'In times of economic crisis, with limited internal demand and tight budgets, trade can help boost growth and jobs without causing further strain on the public purse. This agreement does just that and will really foster sustainable, high-quality business and investment on both sides,' said the Commissioner.

Colombia, which also signed the Trade Agreement with the EU in June 2012, is expected to join the implementation phase later this year, once its internal ratification procedures will be completed.

Source and additional information:

File Photo updated 2013.03.04: 'European Union Trade Commissioner Karel De Gucht speaks with Professor Robert Lawrence at Harvard University's Kennedy School of Government in Cambridge, Massachusetts Date: 02/03/2013 Reference: P-022749/00-06 Location: Boston (C)EU, 2013, URL URL