According to Peruvian GESTION news reports, the tripartite free trade agreement between the EU, Peru and Colombia is expected to be passed by the EU Parliament before December 15 and take effect on February 1, 2013.
The purpose of the agreement is to eliminate tariffs on all industrial and fishery products, expand agricultural markets, reduce trade barriers and improve market transparency.
In addition to various trade agreements, the agreement also includes provisions such as human rights protection and arbitration mechanisms.
The signing of this agreement will bring more business opportunities to Peru’s agricultural and fishery products and manufacturing industries, especially the textile, shoemaking and metal machinery industries.
According to data from the Peruvian Exporters Association (ADEX), Peru’s exports to the EU in 2011 were US$8.495 billion, an increase of 31% compared with 2010.
