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The EU and Colombia signed a free trade agreement on 26 June 2012.

The official text of the Trade Agreement was initialled between the European Commission, Colombia and Peru on 13 April 2011. Since then the text of the agreement has been translated into 21 EU languages and legally verified. All EU Member States are parties to the agreement and have already signed it. This signature allows for formal ratification procedures to kick off in the EU as well as in Colombia and Peru. The European Parliament will be the first to act by voting on consent this year while Member States' Parliaments are expected to adopt the text at a later stage.

In the meantime, the Trade Agreement will be provisionally applied between the parties - provided European Parliament consent is granted and ratification procedures are also concluded in Colombia and Peru.

Once fully implemented, the Agreement will eliminate tariffs in all industrial and fisheries products, increase market access for agricultural products, improve access to public procurement, services and investment markets, further reduce technical barriers to trade, and establish common disciplines including on intellectual property rights, transparency and competition.