EU Greenlights the Conclusion of Free Trade Agreement With Andean Countries
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October 14, 2024 Hour: 9:02 am
Currently, the European Union is one of the main foreign investors in Colombia, Peru, and Ecuador.
On Monday, the Council of the European Union agreed to the conclusion of the free trade agreement with Colombia and Peru, as well as the conclusion of the protocol on Ecuador’s accession to that treaty.
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This marks the final step in the ratification process of the agreement through which the EU and these Andean countries commit to maintaining a long-term close trade relationship.
In addition to focusing on the gradual opening of markets, this agreement involves regulations related to investments, services, intellectual property, public procurement, and human rights.
Although most of the agreement has been applied provisionally since 2013, the free trade agreement will be fully enforced starting November 1, “which will provide a greater degree of legal certainty to this trade relationship,” according to the Council of the European Union.
Currently, the EU is the third-largest trading partner and one of the main investors in the Andean countries. In 2023, the Union’s total trade with these countries reached over 33 billion euros.
The trade agreement also includes rules for public procurement, non-tariff barriers, competition, transparency, and dispute resolution. It also includes cooperation mechanisms in areas such as competitiveness, innovation, production modernization, trade facilitation, and technology transfer.
It also includes a comprehensive chapter on trade and sustainable development, with commitments to labor and environmental protections and an arbitration system for collaboration with civil society.
Initially signed by Colombia and Peru, the EU trade agreement allowed for the possibility of other Andean countries joining. The protocol for Ecuador’s accession was signed in November 2016 and has been applied provisionally since January 1, 2017.
teleSUR/ JF Source: EFE
