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Date: 31-Oct-2024 Category: Not Applicable State: Union Government Country: Europe

Notice concerning the date of entry into force of the Trade Agreement between the European Union and its Member States, of the one part, and Colombia and Peru, of the other part and the Protocol of Accession to the Trade Agreement between the European Union and its Member States, of the one part, and Colombia and Peru, of the other part, to take account of the accession of Ecuador

Issued by Council of the European Union · Not Applicable

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Executive Summary & Key Takeaways

What it means

  • The gazette notification announces the entry into force of the Trade Agreement between the European Union and its Member States, Colombia, and Peru, along with the Protocol of Accession to the Trade Agreement to include Ecuador. The agreement becomes effective on November 1, 2024.

Key Changes

  • The Trade Agreement between the EU, Colombia, and Peru, signed on June 26, 2012, will enter into force on November 1, 2024.
  • The Protocol of Accession to the Trade Agreement between the EU, Colombia, and Peru, to include Ecuador, signed on November 11, 2016, will also enter into force on November 1, 2024.

Impact Analysis

Businesses in the EU, Colombia, Peru, and Ecuador

  • Action Items: Businesses should review the terms of the Trade Agreement and the Protocol of Accession to understand the specific benefits and obligations. They should assess their supply chains and market strategies to capitalize on the new trade environment. Businesses should also ensure compliance with any new regulations or standards introduced as a result of the agreement.

Consumers in the EU, Colombia, Peru, and Ecuador

  • Action Items: Consumers should be aware of the potential changes in prices and availability of goods and services.

Governments of the EU, Colombia, Peru, and Ecuador

  • Action Items: Governments should work together to ensure a smooth transition and address any potential challenges arising from the implementation of the agreement. They should also monitor the impact of the agreement on their respective economies and make adjustments as necessary.

Key Entities Referenced

European Union (EU): One of the parties to the Trade Agreement and the Protocol of Accession. Colombia: One of the parties to the Trade Agreement and the Protocol of Accession. Peru: One of the parties to the Trade Agreement and the Protocol of Accession. Ecuador: Acceded to the Trade Agreement through the Protocol of Accession. Trade Agreement between the European Union and its Member States, of the one part, and Colombia and Peru, of the other part: Agreement signed in Brussels on 26 June 2012, aimed at reducing trade barriers and fostering economic cooperation. Protocol of Accession to the Trade Agreement between the European Union and its Member States, of the one part, and Colombia and Peru, of the other part, to take account of the accession of Ecuador: Protocol signed in Brussels on 11 November 2016, to include Ecuador in the Trade Agreement.
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Official Journal EN of the European Union L series 2024/2804 31.10.2024 Notice concerning the date of entry into force of the Trade Agreement between the European Union and its Member States, of the one part, and Colombia and Peru, of the other part and the Protocol of Accession to the Trade Agreement between the European Union and its Member States, of the one part, and Colombia and Peru, of the other part, to take account of the accession of Ecuador The Trade Agreement between the European Union and its Member States, of the one part, and Colombia and Peru, of the other part (1), signed in Brussels on 26 June 2012, as well as the the Protocol of Accession to the Trade Agreement between the European Union and its Member States, of the one part, and Colombia and Peru, of the other part, to take account of the accession of Ecuador (2), signed in Brussels on 11. November 2016, will enter into force on 1 November 2024. (1) OJ L 354, 21.12.2012, p. 3. (2) OJ L 356, 24.12.2016, p. 3. ELI: http://data.europa.eu/eli/notice/2024/2804/oj 1/1

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