(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 2011, Peruvian exports sent to EU totaled U.S. $ 8,495 million, 31% more than the previous year, according to Adex.