The agreement provides tariff concessions for processed agricultural products (Chapter 3 and Appendix III). Tariff concessions for agricultural commodities are covered by bilateral agricultural agreements, which are part of the instruments for creating a free trade area between the contracting parties. The chief negotiators of the European Commission, Peru and Colombia met in Brussels on 23-24 March 2011 to finalise the final texts of the agreement between the parties. The paraphetaisation is followed by a process of translation, signature and adoption of this agreement, so that it can enter into force. On 16 March 2012, the Council of the European Union approved the free trade agreement with Colombia and Peru. The agreement was reached at a meeting of the Trade Council. The agreement between Peru, Colombia and the European Union was signed in Brussels (Belgium) on 26 June 2012. The European Parliament approved the agreement on 11 December 2012. The agreement contains detailed provisions on trade facilitation and mutual assistance in customs matters (Annex VI and VII).
Ecuador`s accession negotiations to the trade agreement with Colombia and Peru were concluded in July 2014. Ecuador`s accession protocol was signed in November 2016 and has been on an interim basis since 1 January 2017. The first round of negotiations took place in Bogota on 17 September 2007. The second round took place on 14 December 2007 in Brussels (Belgium). The third round of negotiations ended on 25 April 2008 in Quito, Ecuador. On 17 May 2008, at the V Latin America and Caribbean-European Union Summit, the Andean Community and the EU agreed on a flexible framework agreement for the combination of the two blocs. The agreement will cover three aspects: trade, politics and cooperation. Each country of the Andean Community (Bolivia, Colombia, Ecuador and Peru) will be able to address one aspect of this agreement according to the possibilities, ambitions, deadlines and pace of the country. The European Union negotiates free trade agreements on behalf of all its member states, as EU member states have granted “exclusive jurisdiction” to conclude trade agreements.