EU signs CTA with Peru and Colombia
The European Union has signed a Comprehensive Trade Agreement with Peru and Colombia. The deal was signed by EU Trade Commissioner Karel De Gucht and Danish Ambassador Jonas Bering Liisberg representing the Presidency of the Council of the EU, the Colombian Minister for Trade Sergio Díaz-Granados, and the Peruvian Minister for Foreign Trade José Luis Silva Martinot.
Once the CTA is implemented it is expected to save EU exporters of around €270 million in duties annually. The agreement is expected to:
• Open up market opportunities for a number of key export industries of the EU such as automotive and car parts, chemicals, textiles, pharmaceuticals and telecommunications products
• EU will open its market to exporters from Peru and Colombia helping industrial and fisheries products
• Will promote internationally agreed best practices and secure transparent, non-discriminatory and predictable environment for operators and investors
• Provides for an accession clause which allows other Andean Community of Nations countries to take part in the Agreement.