“In the current economic situation, it is vital for European businesses to count on a stable and predictable business and investment environment,” said European Commissioner for Trade Karel De Gucht in a statement. “The region-to-region trade deal will help to establish major business opportunities for both sides.”

The EU will liberalize 91 percent of tariff lines for Central American exports after the agreement enters into force. Central America will do the same for 48 percent of lines, completing the liberalization schedule within a 10-year period under the agreement, among other tenets.

“European exporters will save around [$114 million] on customs per year, and European service providers, such as for telecoms and transport, will get greater market access,” De Gucht said.