To learn more about the EU trade agreement with Andean countries, 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. In November 2010, Peru and the European Union met in Brussels to carry out a legal review of the bilateral free trade agreement. The free trade agreement is expected to be concluded in late 2011 or early 2012, after the agreement of their respective congresses. Statistics on Andean countries: Bolivia, Colombia, Ecuador, Peru 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. On 19 May 2010, Colombia and Peru concluded their free trade negotiations with the EU under the 7th European Union-Latin America and the Caribbean Heads of State and Government Summit in Madrid. The agreement gradually opens up markets on both sides and increases the stability and predictability of the business and investment environment. The 1993 Framework Agreement identified a number of areas of cooperation and established joint monitoring committees and a subcommittee on trade, which continued their work. A joint commission (initially foreseen by the 1983 cooperation agreement) continued its work. Decision (EU) 2016/2369 on the signing and provisional application of the Protocol for Accession to the Trade Agreement between the European Union and the EU countries, as well as Colombia and Peru, in order to take account of Ecuador`s accession to Ecuador`s accession to Madrid in May 2002, a new agreement for political dialogue and cooperation between the European Union (EU) and the Andean Community. This agreement, signed in Rome in December 2003, will replace, after its ratification, the 1996 Rome Declaration and the 1993 Framework Cooperation Agreement.