(EFE). The European Union (EU), Peru and Colombia today signed a Free Trade Agreement after negotiations that ended in May of 2010, but still need the approval of Parliament to enter into vigor. The signing ceremony, was held at the headquarters of the EU Council in Brussels, attended by EU Trade Commissioner Karel De Gucht, and foreign trade ministers of Peru and Colombia, Jos© Luis Silva and Sergio Diaz-Granados, respectively. In a statement, the European Commission reported that when the trade agreement is fully implemented, the bloc's exporters will save 270 million annually in customs duties. It will also help, he added, to more open markets on both sides and increase the stability and predictability of the trading environment.
BENEFITS OF THE AGREEMENT.
The objective of the agreement is to eliminate tariffs on all industrial and fisheries products, expand market access for agricultural products and improve access to public procurement, services and investment markets. In addition, further reduce technical barriers to trade and establish common disciplines, among other things, on intellectual property rights, transparency and competition. It also includes provisions for the protection of human rights and the rule of law as well as commitments to effectively implement international conventions on labor rights and protecting the environment. The civil society organizations have also ensured a systematic involvement in the monitoring the implementation of these commitments, which also will be subject to an arbitration system, the European Commission said in its statement.
In 2011, Peruvian exports sent to EU totaled U.S. $ 8,495 million, 31% more than the previous year, according to Adex.