Colombia’s Foreign Ministry on Thursday claimed it has successfully carried out the necessary procedures for a free trade agreement with the European Union to take effect.
In a press release, the ministry said it had completed all the procedures that had been demanded by the EU for a trade pact to take effect after the ratification of each of the union’s 28 member states.
The last requirement to be fulfilled was a decree signed off on Wednesday in which Colombia settles “the commitments regarding market access acquired by Colombia under the Trade Agreement between Colombia and Peru on one side, and on the other, the EU and its member states.”
Colombia and the EU signed the free trade agreement in 2012. Colombia’s Congress then ratified the deal a year later and in June this year the country’s Constitutional Court approved the treaty.
Both the European Union and Colombia are now waiting for the European member states to ratify the deal, which can not take effect until the last of 28 countries has approved the project.