Trade Agreement: EU-Colombia and Peru will bring more economic and social development

"This Trade Agreement between the EU and Colombia and Peru will benefit all parties involved, enhancing their commercial relations and also bringing political benefits to the two South American countries. Boosting access to the markets combined with the defence of a higher level of legislative quality, rule of law, environmental protection, and a higher participation of citizens in the law-making process are our priorities in the EPP Group on this issue", said Mário David MEP, responsible for drafting the Parliament's position.

The European Parliament gave its consent today to a Trade Agreement between the European Union and Colombia and Peru, by a large majority of 72% of the votes in favour, which will contribute to the development of sustainable markets and GDP growth in both our South American partners: "All of which will surely attract more EU investors to the region", said the Portuguese MEP.

Under this Agreement, Colombian and Peruvian exports of bananas, grapes and shrimps to the EU market will particularly benefit from lower tariffs. On the other hand, EU machinery, construction, the automobile and chemical industries in particular will benefit most.

"This Agreement includes important human rights clauses, as well as sustainability and environmental clauses. I highly value both Presidents Santos and Humalla from Colombia and Peru for having shown concrete political willingness to adopt specific legislation in the social and environmental fields, and the governments having already voluntarily presented a roadmap on these topics, in close cooperation with the European Parliament", continued Mário David.

Trade between the EU and Colombia and Peru grew by 10% between 2006 and 2010. And according to a Sustainable Impact Assessment, the estimated overall long-term welfare gains from the Trade Agreement are up to 1.3% of GDP for Colombia and 0.7% for Peru.

An accession clause is included in the Agreement for other countries of the Andean Community to join - such as Ecuador and Bolivia. "The EPP Group is proud to have conducted an inclusive strategy that brought a large majority of political groups to endorse this Trade Agreement", concluded Mr David.