Pacific Alliance set to witness free tariffs over 90% of trade in goods among Colombia, Chile, Mexico, and Peru
Coming into force from May 1, 90% of trade in goods between Colombia, Chile, Mexico, and Peru will become free of tariffs. Directorate General of International Economic Relations (Direcon) head Andres Rebolledo said, “After completing the internal procedures, this instrument will be free of tariffs on 92% of our trade, while the remaining 8% is subject to a progressive tariff reduction schedule.” The deputy ministers of Foreign Trade and Foreign Affairs of the four countries participated in a meeting of the High Level Group (HLG) of the Pacific Alliance in Colombia. Mr. Rabolledo said, “At this meeting, we made a review of all developments in different areas of integration of the Pacific Alliance.” The Pacific Alliance was created on April 28, 2011. It has a population of 214.1 million people and has an average per capita GDP USD 16,500.
(Image Courtesy: Latinports)