The trade agreement concluded with Peru in 2012 provisionally applies from 1 of March 2013. According to the European Commission, the Agreement will open up markets for both EU and Peruvian exporters eventually bringing annual savings of more than €500 million. The Commission also stressed that Colombia is expected to join the implementation phase later this year.

The EU trade agreement with Peru signed in June 2012 provisionally applies as of 1 March 2013. The European Commission highlighted that the agreement will substantially improve market access for EU and Peruvian exporters. In the long run, exporters of industrial and fisheries products will no longer have to pay customs duties and markets for agricultural products will be opened up considerably. The Commission also stressed that at the end of the transition period, exporters will be saving more than €500 million annually in tariffs alone.

The agreement also aims at fostering regional integration among the Andean countries. The Commission assures that it keeps alive the hope on all sides for an association between the two regions by leaving the door open for the other Andean countries – Ecuador and Bolivia – to enter into the partnership.

On the other hand, Colombia, which also signed the Trade Agreement with the EU in June 2012, is expected to join the implementation phase later this year, once its internal ratification procedures will be completed.