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Pacific Alliance Agrees to Eliminate Tariffs for 90 Percent of Goods Beginning July
By , MercoPress Jun 04, 2013
The Alliance of the Pacific bloc that includes Colombia, Mexico, Peru and Chile on Thursday agreed to eliminate tariffs on most goods to promote free trade between the countries and increase exports to Asia.
The members of the nascent group also aim to promote free market policies as the key to economic growth, attract more foreign investment and integrate their capital markets and energy networks.
At a meeting in the city of Cali, Colombia, the presidents of the four member countries agreed to remove tariffs on 90% of the goods traded between them, and to eliminate duties on the remaining 10% in the medium term.
The tariffs will be lifted in July, Colombia's President Juan Manuel Santos told a press conference after the summit. Santos was handed the chair of the bloc by Chilean president Sebastian Piñera for the next twelve months.
“The door to our destiny is the construction of an area of deep integration that will allow us to become part of the global economy more successfully and more forcefully - particularly in the Asia Pacific region,” Santos told reporters.
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