The EU-Peru Free Trade agreement (FTA) concluded in 2010 will be provisionally applied as of tomorrow (1st March).
This concretely means that market access will be improved for both parties' agricultural products. EU dairy exporters will benefit from an initial tariff rate quota for skimmed milk powder and cheese, with full liberalisation after a transitional period, while hams will be liberalised after 5 years. Exports of wines & spirits, pork products and olive oil will also benefit from preferential access.
The Agreement also foresees that 115 European food names ("geographical indications") will be protected in Peru. Similarly, three Peruvian food names will be protected in the EU.
Commissioner for Agriculture and Rural Development Dacian Cioloş said: "I welcome the provisional application of this Agreement between the EU and Peru. This will promote our bilateral relations in agriculture. The Agreement aims at opening markets on both sides, via substantial tariff concessions, and at promoting and protecting our flagship geographical indications. We should grasp these opportunities for our agricultural sector."
The EU will also open its market to exporters from Peru by committing to concessions for Peru's export interests. The trade agreement represents an important opportunity for Peruvian agricultural and fisheries exports, which already represent almost a third of all the country's exports to the EU. EU-Peru trade has grown significantly in recent years and its volume reached €9.2 billion in 2011, corresponding to 16% of Peru’s trade volume.
In June 2012 the EU signed the agreement with both Colombia and Peru. All approval procedures have now been completed at Peruvian and EU level, which allows the agreement's provisional application with Peru.
The application will become definitive when all Parliaments in EU Member States have ratified it at national level.
The provisional application of the agreement with Colombia will come at a later stage, when Colombia has finalised its internal ratification process.