Peru Sees EU Trade Deal Taking Effect After September Vote

The European Union’s free-trade agreement with Peru and Colombia will probably take effect this year after the European Parliament approves the accord in September, Peruvian Foreign Minister Rafael Roncagliolo said.

While the legislatures in each of the 27-member countries will need to approve the accord before it takes effect, most of its benefits will be activated once it’s endorsed by the European Parliament, Roncagliolo said at a news conference in Lima today.

President Ollanta Humala will visit Strasbourg, France, and Brussels on June 13 to discuss the agreement, which would eliminate import tariffs on almost all commerce between the EU and Peru and Colombia. It was approved by the European Council on March 16. Humala will also visit Geneva and Berlin during the trip, Roncagliolo said.

The Andean nation, which has free-trade agreements with the U.S., China, South Korea and Japan, aims to boost exports to $86 billion by 2016 from $46 billion last year. The country also seeks trade accords with Russia and India, Roncagliolo said.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE