The agreement has been provisionally applied since 2013 in the case of Peru and Colombia and since 2017 in the case of Ecuador, but its definitive ratification will allow its implementation to be completed and ensure greater legal certainty for all parties involved.

European governments have completed the last formal procedure on Monday for the ratification of the trade agreement that the European Union closed with Peru and Colombia in 2012 - and which Ecuador later joined - which will allow the full application from November of all the provisions of a pact that has already been applied provisionally for eleven years.

The Multiparty Trade Agreement signed with these three countries of the Andean Community meant the gradual opening of markets between the two regions in both the trade and investment sectors, and therefore also covers services, intellectual property, public procurement and the protection of Human Rights.

The agreement has been provisionally applied since 2013 in the case of Peru and Colombia and since 2017 in the case of Ecuador, but its definitive ratification will allow its implementation to be completed and ensure greater legal certainty for all parties involved.

The European Union is the third largest trading partner and a major investor in the Andean countries, according to EU data, which indicate that in 2023 total EU trade with that community amounted to some 33 billion euros.

In addition to opening markets, the framework establishes better conditions for trade with regulations on non-tariff barriers, competition, transparency and intellectual property rights.

The Council also offers, as highlighted in a statement, a more stable and predictable environment for companies with a bilateral dispute settlement mechanism and a mediation system for non-tariff barriers.

It also provides for cooperation regimes on competitiveness, innovation, modernization of production, trade facilitation and technology transfer, as well as a broad chapter on trade and sustainable development with commitments on labor and environmental protection, including a transparent arbitration system and procedures for collaborating with civil society.