fbpx

Peru – EU free trade agreement to come into force on March 1

0

The European Union has confirmed that its free trade agreement with Peru will go into effect starting on March 1, according to state news agency Andina.

"This agreement is an important step towards strengthening our trade and investment relations with both countries,” said EU Trade Commissioner Karel De Gucht.

“I welcome the provisional application of the agreement with Peru, and hopefully we will do the same with Colombia as soon as possible,"

The EU parliament signed the multilateral agreement with Peru and Colombia last June, and was ratified by the Peruvian congress in December.

De Gucht said the trade agreement would substantially improve market access for European and Peruvian exporters; and in the long run, exporters of industrial and fisheries products will not have to pay customs duties, while markets for agricultural products will open up considerably.

The deal is likely to boost Peru’s GDP by 0.7 percent and Colombia’s by 1.3 percent, Andina reported. Meanwhile, EU exporters should save €270 million in duties annually, according to government estimates.

 

The European Union has confirmed that its free trade agreement with Peru will go into effect starting on March 1, according to state news agency Andina.

Comments

comments