Peru-EU free trade agreement to take effect in early 2012

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Andina

Peru-EU free trade agreement to take effect in early 2012Peru-EU free trade agreement (FTA), whose negotiations concluded on Sunday, February 28, in Brussels, is expected to come into force in early 2012 due to the complexity of the process, estimated Monday Peru’s Minister of Foreign Trade and Tourism, Martin Perez.

"This is a complex negotiation, it should be noted that the European Union comprises 27 countries, so the trade agreement must be approved by 27 congresses and translated into the 23 languages of the European Union," he stated.

According to Perez, FTA will be signed by both parties in May this year on the occasion of the VI EU-LAC Summit of Heads of State and Government to be held on May 18 in Madrid before the Foreign Affairs Ministers Meeting scheduled for May 17.

"The entry into force will take several years and we estimate the FTA will take effect in early 2012 in the best of cases," he said at the Government Palace.

Peruvian exports to the EU could grow by ten percent annually over the next years “after the entry into force,” he added.

Peru’s president Alan Garcia officially opened free trade with China Monday, and welcomed the close of negotiations on another trade deal with the European Union.

Garcia told RPP radio the opening of the free trade deal between Peru and China was "historic." He also said the deal with China, together with the free trade deal Peru signed in 2006 with the U.S., meant a total of 2.1 billion people could now receive Peruvian products with no extra duty or taxes

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