Trade Agreement with Colombia, Peru and Ecuador enters into force for Spain and the EU

Eduardo González On November 1, the Trade Agreement between the European Union and its Member States, on the one hand, and Colombia and Peru, on the other, entered into force, including the Protocol of Ecuador's accession to said Agreement. Based on this Agreement, the EU and these three Andean countries undertake to establish close and long-term trade relations that also cover services, intellectual property, public procurement and human rights. The Agreement allows for the gradual opening of markets, which will increase trade and investment between the parties. The text - published last week by the Official State Gazette (BOE) - provides for the opening of markets for goods, services, public procurement and investment, establishes better trading conditions thanks to new rules on non-tariff barriers, competition, transparency and intellectual property rights and allows for a more stable and predictable environment for companies, with a bilateral dispute resolution mechanism and a mediation system for non-tariff barriers. It also provides for cooperation agreements on competitiveness, innovation, modernisation of production, trade facilitation and technology transfer and includes an entire chapter on trade and sustainable development, with commitments aimed at ensuring a high level of labour and environmental protection, including a transparent arbitration system and procedures for the participation of civil society. Although most of the Agreement has been provisionally applied since 2013, its entry into force provides a greater degree of legal certainty to this trade relationship. The EU is the third largest trading partner of the Andean countries and one of their main investors. In 2023, total EU trade with the Andean countries amounted to nearly €33 billion. “The entry into force of this agreement will strengthen trade and investment relations with Colombia, Peru and Ecuador. It will stimulate growth and job creation to a greater extent, while improving conditions for businesses on both sides,” said Hungarian Minister of Foreign Affairs and Trade Péter Szijjártó, whose country holds the rotating Presidency of the EU Council. The Agreement was signed in Brussels on 26 June 2012 and the European Parliament approved its conclusion on 11 December of that year. The Agreement has been provisionally applied with Peru and Colombia since 1 March and 1 August 2013 respectively. Spain signed the agreement on the same day, as did the rest of the Member States, and expressed its consent on 3 November 2013. The last country to take this step was Austria, in May 2019. On 6 May 2024, the Member States completed the ratification procedures for the Trade Agreement. Finally, the Council of the EU gave its consent on 14 October, thereby completing the last phase of its ratification, which has finally allowed its entry into force throughout the Union. In addition, the Protocol of Accession of Ecuador to the Agreement was signed in November 2016 in Brussels, was approved by the European Parliament on 14 December of the same year and has been provisionally applied between the EU and Ecuador since 1 January 2017 and with Colombia and Peru since 1 December 2017 and 1 November 2017, respectively. On 15 July 2024, Member States finalised the ratification procedures for the Protocol and the Council of the EU also gave its consent on 14 October.

Related Content

Colombia's President-elect, Abelardo de la Espriella, appoints political ally Carlos Felipe Mejía as ambassador to Spain

Albares advocates for an Ibero-American disaster management mechanism after the Venezuelan earthquake

Spain and Algeria stage the end of the crisis with the announcement of their first High-Level Meeting in more than eight years

Trump and Sánchez and the diplomacy of the VIP box at the World Cup: from “lost cause” to world champion

The CGCEE ensures that the Grandchildren Law is not limited to exiles and denies “express” regulations