Colombia's Foreign Ministry announced on November 6, 2014, that the country has completed the domestic procedures necessary to fully implement a free trade agreement (FTA) with the European Union (EU) and Peru.

The FTA has been applied provisionally between the EU and Colombia since August 1, 2013. The South American country is now waiting for the agreement to be ratified by nine EU member states, the Foreign Ministry said.

It is expected that, once fully implemented, the deal will result in total tariff saving for European, Colombian, and Peruvian companies of more than EUR500m (USD623m) per year.

The door is open for the other Andean countries – Ecuador and Bolivia – to enter into the partnership.

Source: Tax News

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