On Wednesday, MEPs adopted a resolution on the EU trade agreement with Colombia and Peru. Parliament must consent to the trade agreement before it can enter into force and is scheduled to vote in autumn this year. The agreement will be a second of its kind after the EU trade agreement with South Korea last year. In comparison, the USA has already concluded a free trade agreement with 28 countries.
The agreement will be beneficiary mostly to the European companies, as Colombia and Peru are already subject to free imports to the EU according to the Generalized System of Preferences. It is estimated that the EU companies could save 0.5 billion euro on tariffs. Additionally, the agreement also favors easier access to the public contracts and elimination of the non-tariff and administrative barriers of the trade. The agreement could come into force later this year after the vote of the European Council.
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