Press Release – Coreper agreed on safeguard regulations for the trade agreement with Colombia and Peru
19.12.2012, 10:55 (CET)
The Committee of Permanent Representatives (COREPER) II today endorsed the safeguard regulations for the Trade Agreement between the European Union and Peru and Colombia and the Association Agreement with Central America. The Council is therefore expected to approve the position of the European Parliament at first reading, on December 20, 2012, on the regulations that will implement the bilateral safeguard clause and the stabilisation mechanism for bananas in the Trade Agreement.

The Cyprus Presidency has worked intensively within the Council and in cooperation with the European Parliament and the Commission to ensure that an agreement would rapidly be reached on the two regulations.

The two agreements include a bilateral safeguard clause that provides for the possibility to re-instate the most-favoured-nation (MFN) customs duty rate if imports would increase to such levels or if it is under such conditions it would threaten to cause serious injury to similar or directly competitive products produced within the European Union.

Furthermore, the agreements also incorporate a Stabilisation Mechanism for bananas according to which, until  January 1 2020, preferential customs duties can be suspended when a certain annual import volume is reached.

Informal talks in September

On September 12, 2012, COREPER adopted the mandate proposed by the Cyprus Presidency for the informal talks with the European Parliament. A successful outcome was reached on the two regulations after the two trialogues that took place between the European Parliament, the Council, and the European Commission.

The European Parliament adopted its position at first reading on December 11 2012, which reflects the compromise reached between the institutions during the trialogues.

The text of the Trade Agreement with Colombia and Peru was initialised in April 2011 and signed in June 2012, while the EU and the Central American region concluded talks on a new Association Agreement in 2011 and signed the text in June 2012.

Presidency Spokesperson in Brussels
Nikos Christodoulides

Coreper II

Email: nchristodoulides@mfa.gov.cy
Telefon: +32 27395152
Mobile: +32 473400441