The Council adopted a decision approving the signing and provisional application of a multipartite free trade agreement with Colombia and Peru. This agreement remains open for signatures by Bolivia and Ecuador. In addition, the Council also launched free trade negotiations with Vietnam.

In March 2011, the negotiations for a free trade agreement with Colombia and Peru were launched by the EU. Now, the Council adopted a decision approving the signing and provisional application of a multipartite free trade agreement with Colombia and Peru. The other two members of the Andean Community, Bolivia and Ecuador, could also be part of this agreement in a future, based on the principle of regional integration. This year, the EU has also decided to launch negotiations on a free trade area with Armenia.

The agreement is setting out to eliminate high tariffs, tackle technical barriers to trade, liberalise services markets, protect EU geographical indications and open up public procurement markets. It includes commitments on the enforcement of labour and environmental standards, as well as rapid and effective dispute settlement procedures. The Council also highlights that it will ensure a level playing field with competitors in the region such as the United States.

On the other hand, the Council adopted a decision authorising the Commission to start negotiations with Vietnam on a free trade agreement. With Vietnam, there will will three ASEAN country to negotiate a free trade agreement with the EU; negotiations are already underway with Singapore and Malaysia.