The Signing Of The Three Party Free Trade Agreement Will Bring More Opportunities For Shoemaking And Other Industries.

In June 26th, Peru, Columbia and the European Union signed three parties in Brussels, the seat of the European Commission.

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EU trade representative Carey Degucht, Peru foreign trade tourism minister Jose Lewis Silva and Columbia foreign trade minister Sell Scio Dias Granados attended the ceremony.

The three sides concluded their negotiations in May 2010.

After the signing of the agreement, it still needs to be submitted to the European Parliament for deliberation and approval.

The EU says EU exporters will save 270 million euros on tariffs by the time the agreement comes into force.

In addition, the entry into force of the agreement will enhance the openness of their respective markets and enhance the stability and predictability of the three party trade.

The first three parties negotiated the agreement for several rounds and signed it in April 2011.

The significance of the signing ceremony is that the agreement will then enter the internal deliberation process of the European Union, so as to enter into force as soon as possible.

The European Parliament is expected to vote in October this year to decide whether to pass the agreement.

At the same time, Peru and Columbia also have corresponding procedures.

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The legislative bodies of various countries deliberated and adopted the agreement respectively.

The purpose of the agreement is to eliminate tariffs on all industrial and fishery products, expand market access for agricultural products, improve access conditions for public contracts, service markets and investment markets, reduce barriers to trade technology, establish intellectual property rights, market pparency and competition rules.

In addition, it includes human rights protection and arbitration mechanisms.

The three parties jointly commit themselves to earnestly implement the international conventions on labour rights and environmental protection.

The agreement will also be signed for agricultural exports and manufacturing, especially textiles.

And metal machinery and other industries to bring more opportunities.

The agreement also gives the non-governmental organizations and organizations of all parties the right to supervise and manage the agreement.

According to the data of Peru Exporters Association (ADEX), Peru exported $8 billion 495 million to the EU in 2011, an increase of 31% over the same period last year.