Final translation of EU-Peru FTA to end in October

 

The final translation of the Free Trade Agreement (FTA) signed between the European Union (EU) and Peru will end no later than October, Peru’s Minister of Foreign Trade and Tourism Eduardo Ferreyros said.

Last April, EU Commissioner for Trade Karel de Gucht, Colombian Trade Minister Sergio Diaz, and Peru’s Deputy Minister of Foreign Trade Carlos Posada officially signed the final document of the bilateral FTA between the European bloc and the two South American countries in Brussels (Belgium), which led to its translation and approval.

“The text is already translated into Spanish and English, but it needs to be translated in the other 21 languages spoken in the European Union,” said the minister.

The minister went on to say that the translation of the said document will end in September or October if there is a favorable context during the next weeks.

The bilateral agreement would allow Peru to increase its exports to the European bloc between 20 and 25 percent.

Once the FTA comes into force, the agreement will eliminate the fees for all fishery and industrial products, widen access to the market of agricultural products, improve the access to public contracts, services and investment markets.