On 13 April 2011, EU Trade Commissioner De Gucht signed a free trade agreement with Peru and Colombia. Once fully implemented, it will eliminate tariffs for almost all industrial products, abolish investment restrictions and further reduce non-tariff barriers. There will also be major improvements on intellectual property rights and competition rules.
This agreement will save European retailers and wholesalers over 500 million euros in customs duties. It will open up markets on both sides and increase the predictability and legal certainty of the trading environment.