Peru, together with Colombia are set to sign a Free Trade Agreement (FTA) with the European Union which is expected to come into effect in February 2013, Peru's Foreign Trade and Tourism Minister Jose Luis Silva said.
"This is clear proof of the willingness of the European Union to continue developing commercial ties between that part of the world and Latin American countries such as Peru," Silva said.
The European Parliament approved the trade deal on Tuesday with a majority votes, while Peru's Congress is expected to approve it sometime this week, Peruvian news agency (Andina) said.
According to Peru's government, some 18% of the country's exports go to Europe, more than to China and the united States.
The private exporters association expects the FTA to benefit Peru's manufacturing, agricultural exports and non-traditional fishing industries.
Colombia joins Peru in this agreement because the EU only negotiates with trade groups or blocks and not with individual countries.