EU finishes final details for FTA with Peru and Colombia

By Francisco Espinosa

The European Commission approved the Free Trade Agreement with Peru and Colombia. It will now go through to the European Parliament for its final approval.

The Free Trade Agreement (FTA) between the European Union and Peru and Colombia was ratified in writing by the European Commission on September 22nd. It will now go through to the European Parliament which will not issue a statement until the first semester of 2012, but it is expected it to be approved by large majority.

Based on the principle of “regional integration” the FTA will: eliminate duties on all industrial and fishing products, broaden access to the European agricultural market, improve access to public contracts, services and investment markets, reduce technical obstacles in commerce and establish common disciplines in matters of intellectual property and competition. Bilateral trade between EU and Colombia and Peru represented more than 20,000 million in 2010.

Moreover the treaty includes a clause for the protection of Human rights and the rule of law as well as commitments to effectively apply the international agreements on issues regarding labor rights the protection of the environment.

The chapter regarding Intellectual Property includes some resolutions regarding International brand Agreements, well known brands, procedures for registration and limits to the right of brands, relationship of the geographic indications of brands, collective management societies, moral rights, duration of the copyright and related rights, radio broadcasting and public communication, protection of technological measures, protection of information about the management of rights, the right of artists to participate in works of art, international agreements on designs, requirements for the protection of designs, rights conferred by design, protection terms, exceptions for protection, relation between design and copyright, patents, unreasonable delays in granting patents, data protection for certain regulated products, vegetable varieties, disloyal competition, observation of the intellectual property rights and border measures among other issues.

In addition, geographical indications of the parts that will be recognized and protected by the corresponding counterpart are established. They have also included a chapter on the Protection of Biodiversity and the Traditional Knowledge where the bases for protection and recognition of the parties’ rights are established, as well as concrete obligations and cooperation mechanisms.

Ecuador and Bolivia could join this FTA between Colombia and Peru and the EU. They had previously abandoned negotiations due the fact that the agreement included a free trade agreement and they disagreed with the chapters on political dialogue and cooperation.