Colombia’s free trade agreement with the European Union (E.U.) and Peru is expected to be implemented by the end of March, said the president of the European Commission on Sunday.
The accord, signed last June, awaits ratification in the Colombian Senate. The European Parliament and the Peruvian Congress approved the deal in December.
Background: Colombia signs FTA with EU
“The trade agreement we signed last June with Peru and Colombia will be an important element of our partnership,” said Jose Manuel Barroso, president of the European Commission. “That is why I felt a great satisfaction when the European Parliament adopted our trade agreement in December, and when the Peruvian Congress did the same the next day.”
“Colombia and Peru are partners and attractive destinations for investment in the E.U. The E.U. is a major trading and investment partner in both countries. We are confident that under the agreement all will be strengthened,” said Barroso.
“We encourage Colombia to act quickly so that we can soon announce a date for the opening of the implementation of the Agreement,” the European Commission president continued.
“By providing a framework of stable and predictable execution to our economic actors, the agreement will give further impetus to our bilateral trade and flows of investment, transfer of technology, know-how and added value,” concluded Barroso.
Colombia’s free trade agreement with the European Union has drawn its fair share of controversy since it was announced that both parties had initiated discussions. Human rights activists, union representatives, and analysts have expressed their resevations to the deal for various reasons. E.U. ratification was initially stalled due to their hesitation to entering a deal due to the lack of security in Colombia for union members.
BACKGROUND: Colombia activists ask EU to reconsider FTA