BRUXELLES, Belgium, September 2, 2012: This past June 26th, the European Union signed a broad-ranging ambitious Trade Agreement with Colombia and Peru. According to EU Commission estimates, the Trade Agreement will provide greater market expansion for all concerned, and boost trade stability and forecasting once it goes into full effect.
“It gives me great pleasure to sign this trade agreement with Colombia and Peru today to create a stable setting to drive trade and investment between the EU and the Andean Region,” stated Karel De Gucht, EU Trade Commissioner. “During times of economic crises, a boost in trade and investment is precisely the path to follow in order to create growth and jobs.”
The official text of the trade agreement was established by the European Commission, Colombia and Peru on April 13, 2011. Since then, the legality of the agreement has been verified and translated into 21 EU languages. All EU member states are parties to the agreement and added their signatures to the document prior to the official signing ceremony, which recently took place. These signatures now set in motion formal ratification procedures in the EU, as well as in Colombia and Peru. The European Parliament will be the first to debate the issue, voting on it this year. It is expected that the parliaments of the member states adopt the text at a later stage. Meanwhile, the trade agreement shall apply provisionally between all parties, provided that the European Parliament gives its consent and also completed the ratification procedures in Colombia and Peru.