JOC Staff | Feb 28, 2013 1:51PM EST
Trade barriers between the European Union and Peru will be lifted as of March 1, 2013, when the EU’s trade agreement with Peru and Colombia, signed in 2012, will be provisionally applied with Peru.
The agreement will open up markets for EU and Peruvian exporters, which is expected to yield more than €500 million (about US$654.3 million) in annual savings and make conditions for trade and investment more stable.
“I welcome the provisional application of the agreement with Peru, and hope we will be able to announce the same with Colombia as soon as possible,” said Karel De Gucht, EU trade commissioner, in a written statement.
Colombia is expected to join the implementation phase later this year after its internal ramification procedures are completed.
