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EU seals trade deal with Colombia, Peru

13 April 2011, 17:30 CET
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EU seals trade deal with Colombia, Peru

Granados - De Gucht - Kuppers - Photo EC

(BRUSSELS) - European Union trade commissioner Karel De Gucht initialled Wednesday a "milestone" package opening up trade and investment to and from Colombia and Peru.

The package of measures, estimated by the European Commission "to be worth overall half a billion euros in duties saved alone," will eliminate tariffs in all industrial and fisheries products, the EU executive said.

It will also "increase market access for agricultural products, 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."

"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," De Gucht said in a statement.

The deal, which also binds the south American states to respect human rights and international labour norms, still needs final approval from the 27 EU states and the European Parliament.

In 2010, the EU exported 3.9 billion euros of goods and services to Colombia, importing 4.7 billion euros worth, with Peru on 2.3 billion euros in exports and 5.1 billion euros in imports.

Ecuador was originally part of the negotiations but dropped out in 2009. De Gucht said regional neighbours remain welcome to adopt the deal's terms.

Trade Agreement between Colombia, Peru 
and the European Union - highlights

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