European governments have met all the requirements for the formal ratification of the Free Trade Agreement (FTA) with Colombia, Ecuador and Peru, as announced in a statement on Monday.
In the case of Peru and Colombia, “the agreement has been applied provisionally since 2013” and since 2017 with Ecuador, “but its definitive ratification will allow its application to be completed and ensure greater legal security for all parties involved.”
With this procedure completed, the parties will be able to “fully apply from November all the provisions of an agreement that has already been applied provisionally for eleven years.”
This Multiparty Trade Agreement with the three nations of the Andean Community promoted the opening of markets between both regions in the commercial and investment sphere, which includes “services, intellectual property, public procurement and the protection of Human Rights.” Areas such as cooperation in the sectors of competitiveness, innovation, modernization of production, trade facilitation and technology transfer and sustainable development are contemplated.
The European Union has a crucial role as the third trading partner in these countries, ratified by community data from 2023, when total trade was 33 billion euros.
With the ratification of the FTA, better conditions are expected to emerge in areas such as tariff regulation, “competition, transparency and intellectual property rights.”
In the statement, the European Council advocated for “a more stable and predictable environment for companies with a bilateral dispute resolution mechanism and a mediation system for non-tariff barriers.”
The agreement includes cooperation in the sectors of competitiveness, innovation, modernization of production, trade facilitation and technology transfer and sustainable development.
M. Pino
Source: americaeconomia
(Reference image source: Bernd 📷 Dittrich in Unsplash)
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