Customs Flash (31/07/2013)
Update on EU Free Trade Agreements: EU – Colombia FTA effective as of 1 August 2013
In December 2012, the European Union (EU) finalised its ratification process for the Free Trade Agreement (FTA) signed with Peru and Colombia. Shortly after Peru completed its internal legislative procedures, the FTA already became provisionally applicable for EU – Peru trade on 1 March 2013.
On 1 August 2013, the FTA will now also be effective for EU – Colombia trade as the latter country successfully completed its internal ratification process as well. This FTA opens up markets for products traded between the EU and Colombia / Peru by, among other things, eliminating or gradually reducing customs duties on both sides. At the end of transitional periods, duties will be completely eliminated for all industrial and fishery products and substantially reduced for agricultural products. Exporters on both sides could save up to € 500 million a year on duty tariff eliminations and reductions alone.
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