The European Union on Tuesday signed a trade agreement with Colombia and Peru that has been in the making for more than three years, paving the way for the bloc's exporters to save an estimated 270 million euros (336 million dollars) in duties a year. "In times of economic crisis, increasing trade and investment is the way forward to create growth and jobs," EU Trade Commissioner Karel De Gucht said in a statement. "The agreement establishes a foothold for European business in this rapidly growing area and an anchor for further structural reforms in both countries," he added. Trade between the two sides amounted to 21.1 billion euros last year, according to the EU's executive, the European Commission.
