As the world becomes increasingly connected, it’s important for international trade agreements to be established. One such agreement is the trade agreement between the European Union (EU) and Colombia and Peru.

The EU-Colombia-Peru Trade Agreement was signed in 2012 and entered into force in 2013. It’s a comprehensive agreement that covers a range of topics including trade in goods, trade in services, investment, intellectual property, public procurement, and sustainable development.

One of the key aspects of the agreement is the elimination of tariffs. This means that goods produced in the EU, Colombia, or Peru can be traded without any additional taxes. This helps to boost trade between the countries and creates new opportunities for businesses.

The agreement also includes provisions for protecting intellectual property. This means that businesses and individuals can be confident that their trademarks, patents, and copyrights will be respected in all three countries.

Another important aspect of the agreement is the commitment to sustainable development. All parties have agreed to promote sustainable development through trade and investment. This includes protecting labor rights, promoting environmental standards, and supporting small and medium-sized enterprises.

Since the agreement was signed, trade between the EU and Colombia and Peru has increased significantly. In 2019, the EU was Colombia’s second-largest trading partner and Peru’s third-largest trading partner.

However, there have been some concerns raised about the agreement. Some argue that it could lead to an increase in imports from Colombia and Peru, which could harm EU businesses. Others are concerned about the impact on the environment and labor rights in Colombia and Peru.

Despite these concerns, the EU-Colombia-Peru Trade Agreement is an important step forward in international trade. It creates new opportunities for businesses, promotes sustainable development, and strengthens relationships between the EU, Colombia, and Peru. As the world becomes more interconnected, trade agreements like this one will become increasingly important in promoting economic growth and stability.