EU signs Latam trade deals

The European Union signed "milestone" trade and investment deals with Peru and Colombia that will eliminate duties on all industrial and fisheries products.

EU exports to both countries totaled some $8.8 bil last year vs. imports of $14.1 bil.

The pact needs an OK from the 27 EU states and Europe's parliament.

The Obama administration has yet to submit trade pacts with Colombia, Peru  and S. Korea to Congress for ratification.