The Free Trade Agreement (FTA) signed by the European Union (EU) with Colombia , on one hand , and Honduras , Nicaragua and Panama , on the other , was signed in the city of Brussels , Belgium, on June 26, 2012, but it entered into force in 2013 .

 

The EU Trade Commissioner , Karel De Gucht , said that the agreements " open a new chapter in relations between the EU and Colombia ," and on those of the Central American countries , " are another proof of the interest and commitment " of the Union with the region.

 

The European Commission (EC ) estimates that the agreement will save the exporters of the two sides more than 500 million per year only in tariffs.

 

The bulk of exports from Colombia and Peru are primary products such as agricultural ( 38%) and mainly derived fuel and mining ( 54%). EU exports to the Andean region are mainly manufactured goods , especially machinery and transport equipment ( 50%) and chemicals ( 19%).

 

The advantages of the FTA with the European Union are: having new and greater market opportunities to establish new links in the production and supply chains; be able to establish productive and commercial alliances; have more clients and more consumers; to offer better conditions to attract investors; and, of course, give the Colombian consumer more choices for shopping with better prices.

 

Our businesses and consumers will also benefit from the gradual elimination of tariffs in Colombia for the import of raw materials, supplies, intermediate goods and consumer goods.