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Thursday, March 28, 2013

Chile, Perú, Colombia and Mexico to liberalize 90 pct. of their joint trade


Chile, Perú, Colombia and México will liberalize 90 percent of their internal trade with the signing of an agreement on may 23 in Cali, Colombia, where the next Pacific Alliance summit will be held, the Chilean government announced wednesday.

"We have agreed that 90 percent of the products (that are traded) among the four countries are going to have 'zero tariffs' and the rest are going to have periods of tax exemption," Chilean Foreign Minister Alfredo Moreno said at a meeting with foreign reporters.

Moreno said that the agreement will be signed by Chilean President Sebastian Piñera, Peruvian President Ollanta Humala, Colombian President Juan Manuel Santos and Mexican President Enrique Peña Nieto at the upcoming summit of the bloc, which was formed in April 2.011 in Lima by Spanish-speaking Latin America's four most dynamic economies, which total $1.7 trillion, 35 percent of the region's GDP.

Attending the Cali summit, the seventh held by the Alliance partners, will also be leaders from the countries who have requested observer status in the organization, including Uruguay, Canada, Australia, New Zealand, Japan, Spain and Portugal.

In addition, Costa Rica and Panama want to become full members of the bloc, which was constituted to foster regional integration, encourage growth and competitiveness and push for the free circulation of goods, services, capital and people.

Moreno said that "although they don't have any direct relationship, both the Pacific Alliance and the Trans Pacific Partnership seek trade liberalization."

The members of the TPP which includes Chile, México, Perú, Australia, Brunei, Canadá, the United States, Malaysia, New Zealand, Singapore and Vietnam "aspire this year to achieve a state-of-the-art free trade agreement," the minister added.

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