“The association agreement constitutes a new milestone in our longstanding relationship,” said Christian Leffler, European External Action Service Managing Director for the Americas. “It is the strongest institutional bond that can tie the EU to its partners.”

The EU called it a “comprehensive tool that provides with all the means needed for an integrated relation, going from political dialogue to cooperation and trade.”

On the trade front, the agreement eliminates tariffs on manufactured goods, fisheries and agriculture.