The European Parliament approved in plenary session two landmark pacts freeing up EU trade with Colombia, Peru and six countries in Central America. MEPs also voted on the Regulation implementing the bilateral Safeguard Clause of the agreements that will provide a safety net for the EU industries in case of injurious surge of imports from the countries concerned.

MEPs approved in plenary session two pacts with Peru, Colombia and six Central American countries – Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panama – will free up markets on both sides. European Commission welcomed European Parliament's support for closer ties with Central America and new trade deals with Peru and Colombia. The EU and Central America initial Association Agreement was reached in March 2011.

According to the European Parliament, the pacts will free up markets on both sides by cutting import tariffs, removing technical barriers to trade, liberalising services markets and opening up public procurement. The EU-Central American pact also has development cooperation and political dialogue clauses designed to help promote sustainable development, reduce poverty and consolidate stability by integrating the Central American region as a whole. Central America's key traditional exports to the EU are microchips, coffee, bananas and pineapples. In the long run, the deal could boost national income in the six countries by amounts ranging from 0.5% in Nicaragua to 3.5% in Costa Rica. EU exporters could save up to €87 million annually in customs duties.

With regard to the pact with Peru and Colombia, the biggest beneficiaries of removing tariffs will be producers of fruit (especially bananas and grapes) and shrimp. Once in force, the deal is likely to boost Peru's GDP by 0.7% and Columbia's by 1.3%. EU exporters should save €270 million in duties annually, according to Commission estimates.