The European Union (EU) has signed a trade agreement with both Colombia and Peru, which has been in effect since August 2013. The deal opens up new business opportunities for both the EU and these two South American countries. The negotiations for this agreement began in 2007 and after six years of discussions, the EU-Colombia-Peru Trade Agreement was concluded.

This trade agreement aims to encourage and facilitate trade flows between the EU, Colombia, and Peru by eliminating tariffs, simplifying customs procedures, and promoting investment. The deal also provides a framework for the protection of intellectual property rights, sustainable development, and human rights.

The EU`s main goal in this agreement is to improve its trade relations with Colombia and Peru. The two countries are considered important trading partners for the EU in the South American region. The EU is Colombia`s second-largest trading partner and Peru`s third-largest trading partner. The agreement is expected to boost trade between the EU and these countries by increasing the demand for European products and services and creating new business opportunities for European companies.

The trade agreement also includes provisions on the liberalization of public procurement. This means that European companies will have greater access to public contracts in areas such as construction, transport, and energy. The deal also includes measures to protect workers` rights and the environment, ensuring that trade benefits are sustainable and contribute to the social and environmental development of the region.

However, the agreement has not been without controversy. Some civil society organizations have criticized it for not including sufficient provisions on human rights and labor rights. However, the EU has stated that the agreement includes strong commitments on these issues and that it is committed to ensuring that these are respected by its trading partners.

In conclusion, the EU-Colombia-Peru Trade Agreement is a comprehensive trade deal that aims to deepen the economic ties between the EU, Colombia, and Peru. While it has faced some criticism, it is expected to bring significant benefits to all parties involved by creating new business opportunities, boosting trade flows, and promoting sustainable development. As the agreement continues to be implemented, it will be interesting to see how it impacts the economic and social landscape of these countries.