“It’s a milestone in the relations between the two regions – declared the EU Trade Commissioner Cecilia Malmström at the time of signing – underlining that “the document has brought high standards with it, thus ensuring a positive impact on European business in the region”.

The agreement calls for the gradual elimination of duties over the next 7 years and allows EU states to access a consumer market of 95 million people, intercepting an emerging and rapidly growing economy. Among the clauses of the agreement are also rules regarding sustainable development, labour rights, and protection of intellectual property and the environment.