The European Council adopted Friday a decision to conclude the agreement establishing an association between the European Union and its member states, on the one hand, and Central America on the other.
This is the final step of the ratification process of the agreement, through which the EU and Central America commit to a close, long-term relationship in all main policy areas. It will allow the full implementation of the agreement on the first day of the month following the notification by the EU to the Central American counterparts.
The agreement aims to strengthen and consolidate the relations between the parties through an association based on three mutually reinforcing and fundamental parts: political dialogue, cooperation and trade.
Meanwhile, the trade pillar of the association agreement has played an important role in promoting trade and investment between Europe and Central America.
It has been provisionally applied since 1 August 2013 with Honduras, Nicaragua and Panama, since 1 October 2013 with Costa Rica and El Salvador, and since 1 December 2013 with Guatemala.
As a result bilateral trade has significantly increased eliminated most import tariffs and improved access to government procurement and investment markets.
In addition, the agreement will also provide a strengthened enabling framework for the implementation of the EU's Global Gateway investment strategy, supporting infrastructure and improving global and regional connectivity in the digital, climate, transport, health, energy and education sectors.
On 29 June 2012 the EU and the Central American states (Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panama), signed the agreement in Tegucigalpa, Honduras. The European Parliament gave its consent on 11 December 2012, and on 17 January 2024, the ratification procedures of the association agreement by member states were finalised.
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