Highlights

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A free trade agreement between the European Union, Colombia and Peru sets out to boost trade and investment on both sides. On 16 March 2012, EU trade ministers gave their political agreement for its signing and provisional application.

Once fully implemented, the deal will eliminate customs duties, reduce technical barriers to trade, improve access to investment, services and public procurement markets and protect EU geographical indications. Swift and effective dispute settlement procedures will be set up.

Respect for human rights and the rule of law, as well as commitments to enforce international labour rights and environmental standards, are part of the pact.

The deal is estimated to be worth half a billion euros in duties saved. Bilateral trade in goods between the EU and both Colombia and Peru totalled 16 billion euros in 2010. EU exports to Colombia totalled 3.9 billion euros and imports from Colombia were 4.7 billion euros. Its exports to Peru amounted to 2.3 billion euros, while its imports from the country were worth 5.1 billion euros.

The other two members of the Andean Community, Ecuador and Bolivia, can also join the agreement later.

The formal adoption of today's decision will take place at a later Council meeting, once a technical revision of the text has been finalised.

More information:
Foreign Affairs Council (Trade) press release
Press conference video (several languages)
Trade data: EU - Andean Community - the world (pdf)
Trade relations with the Andean countries (Commission webpages)