Pacific Alliance Agrees Free Trade Zone
05/04/2013 58
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The Pacific Alliance trade bloc, comprising Chile, Peru, Colombia and Mexico, has stated it will finalize an agreement that will zero-rate 90% of trade tariffs between the four countries.
The Pacific Alliance, formed on June 6, 2012, brings together four of Latin America's largest exporters. Together, Chile, Peru, Colombia and Mexico, account for around 36% of the region's gross domestic product. The Alliance's membership, and size, could expand with the addition of Panama and Costa Rica who have requested to join as full members.
The four nations' leaders will meet on May 23, 2013, to sign the landmark agreement to establish freer trade within the bloc, removing tariffs on 90% of goods, and providing temporary exemptions for others, Chilean Foreign Minister Alfredo Moreno confirmed.
April 3, 2013
Source: Tax News
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