EU-Peru FTA comes into force

By Carina Perkins

- Last updated on GMT

EU-Peru FTA comes into force

Related tags: Eu, International trade, European union

A free trade agreement (FTA) between the EU and Peru came into effect on a provisional basis last week (1 March 2013), improving opportunities for meat exporters in both countries.

The agreement, which will become definitive when the parliaments of individual EU member states have ratified it at national level, will substantially improve market access for both EU and Peruvian agricultural exports.

Benefits for the EU include full liberalisation for ham within five years, and preferential access for pork products. In return, the EU will commit to concessions for Peruvian agricultural exports. There will also be joint recognition of protected food names, with 115 European geographical indications to be protected in Peru and three Peruvian food names to be protected in the EU.

Commissioner for Agriculture and Rural Development Dacian Cioloş said: “I welcome the provisional application of this Agreement between the EU and Peru. This will promote our bilateral relations in agriculture. The Agreement aims at opening markets on both sides, via substantial tariff concessions, and at promoting and protecting our flagship geographical indications. We should grasp these opportunities for our agricultural sector.”

The EU signed the FTA with Peru and Colombia in June 2012. However, while Peru and the EU have completed all approval procedures, allowing the agreement’s provisional application, Colombia is yet to finalise its internal ratification process.

The EU Commission said that it expected Colombia to join the agreement later this year. Once fully implemented, the Commission estimates that the trade deal will reduce EU export duties by €270m annually.

EU Trade Commissioner Karel De Gucht said: “This agreement is an important step towards strengthening our trade and investment relations with the two countries. 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.

“In times of economic crisis, with limited internal demand and tight budgets, trade can help boost growth and jobs without causing further strain on the public purse. This agreement does just that and will really foster sustainable, high-quality business and investment on both sides.”

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 are completed.

Related topics: Others, EU, Industry & Markets, Pork

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