Monday, 28 January 2013 15:28
Pacific Alliance will eliminate tariffs on 90 percent of products by March 31.
Chile, Peru, Colombia and Mexico agreed to completely free up trade between the four countries during the sixth annual Summit of the Pacific Alliance, held in Santiago on Sunday.
The decision, made within the framework of the CELAC-EU Summit, which concludes Monday in Santiago, is the latest initiative from the new regional partnership launched to counterbalance the Atlantic-facing, Brazil-led Mercosur group.
President Sebastián Piñera announced that member nations decided to "close our tariff agreement before March 31st this year, which means that at least 90 percent of products will be freed from all kinds of tax on trade between our countries.”
“The remaining 10 percent will have a timetable in which to achieve the goal of 100 percent free trade," added Piñera in a joint statement with presidents Juan Manuel Santos of Colombia, Ollanta Humala of Peru and Enrique Peña Nieto of Mexico. No timeline was given for this goal.Login to read more.