Officials from Peru and from the EU have scheduled the signing of the FTA. (Photo: EC)
FTA to be signed with EU in late June
Friday, June 15, 2012, 23:30 (GMT + 9)
On 26 June, Peru and the European Union (EU) will sign the Free Trade Agreement (FTA) in the city of Brussels, Belgium, signalling the final phase of its approval.
Meanwhile, on 24 October this year it is expected that the European Parliament (EP) will approve the Multiparty Trade Agreement or FTA between the EU, Peru and Colombia, informed the head of the Political, Economic and Commercial Section of the European Union in Lima, Marianne Van Steen.
If the members of the European Parliament vote in favour of the trade agreement, the FTA will go into effect in late October or early November, 2012.
Van Steen stated: "The EP’s last vote is scheduled for 24 October. After two or three days it will be published and become effective. Therefore, Peruvian industrial and fishing products will enter the European market without any customs duty."
She added, "We have initiated discussions but, due to our schedule, it will be difficult to approve it before the scheduled time. Besides, it has to go through the Foreign Trade Commission."
"Once a month the full European Parliament meets and on 24 October the final voting session will take place," she added.
Furthermore, after signing the treaty in late June, the Peruvian Government will present the FTA in Congress for its approval.
The enactment of the covenant would be provisional, admitted the official, as the FTA includes trade issues but also political ones, which have not yet been discussed.
"About 95-98 per cent of it would enter into force because there are some issues in which the EU is not involved as they remain a matter for the member states of the bloc," she continued explaining.
For Van Steen, the trade agreement will increase the amount of Peruvian exports to the EU market and will develop the national industry with the growth of investments in the country, the agency Andina reported.
"Investors are choosing to invest in Peru rather than in Europe as a consequence of the treaties signed by the country. This investment will transform the industry and increase value-added products that are exported," she concluded.
- FTA ratification with the EU sought
By Analia Murias
Photo Courtesy of FIS Member European Commission - Fisheries and Maritime Affairs