Peru, as an emerging economy and a country sharing many objectives and values with the EU, is a key partner in Latin America.
EU relations with Peru cover political dialogue, trade and development cooperation. Political and policy dialogue is based on the Rome Declaration and has developed in the context of EU-CELAC relations, the Framework Cooperation Agreement with the Andean Countries (CAN) signed in 1993, and a Memorandum of Understanding [115 KB] agreed in 2009 establishing a mechanism for bilateral consultations. It is implemented through high-level political and sectoral dialogue meetings. The last high-level meeting took place in June 2012, when President Humala visited Brussels and the third meeting of the EU-Peru bilateral consultation mechanism took place in Brussels in November 2012.
Sub-regional dialogue with Peru and other CAN countries will be further strengthened through the Political Dialogue and Cooperation Agreement between the EU and the Andean Community of 2003. The agreement has not yet entered into force since it requires the ratification of all signatories, including all 27 EU Member States. Peru ratified it in September 2008.
Peru is one of the fastest growing economies in Latin America (6.9% in 2011). The EU is its second trade partner and the largest foreign investor. Trade volume between the EU and Peru reached €9.148 billion in 2011, with an increase of 22% compared with 2010.
Trade and investment will be further boosted through the Trade Agreement with Peru (and Colombia) negotiated in 2010 ratified by the European Parliament on 11 December 2012. Its provisional application will take place at the beginning of 2013 awaiting ratification by the 27 EU Member States.
Cooperation also remains an important element in EU-Peru relations. The EU earmarked €135 million in the Peru Country Strategy Paper 2007-2013 [159 KB] , which identifies two priority sectors for bilateral cooperation: 1) modernisation of the State, good governance and social inclusion and 2) social development and social cohesion. The mid-term review [191 KB] , (and summary [22 KB] ) of the CSP confirmed these priorities.
In June 2011, following invitation from the Peruvian Government and the electoral authorities, the European Union deployed an EU Electoral Observation Mission (EOM) to Peru to observe the second round of Presidential elections.