Latin America's Pacific Alliance Liberalizes Trade Reuters
go to original September 26, 2013

Chile's Finance Minister Felipe Larrain (C) prepares to speak while flanked by his regional counterparts during a news conference on the first meeting of the finance ministers of the Pacific Alliance in Santiago, Aug. 23, 2013. (Reuters)

NEW YORK — The presidents of Colombia, Peru and Chile, and Mexico's minister of economy agreed on Wednesday to liberalize 92 percent of their countries' goods and services as part of the nascent regional economic integration bloc, The Pacific Alliance.
 
“We have just reached an agreement to liberalize trade between the four countries for 92 percent of the goods, and we are going to reach 99 percent in three to seven years,” Chilean President Sebastian Pinera told business representatives attending the first Pacific Alliance Summit.
 
Mexico, Colombia, Peru and Chile are on the path of free trade and consolidation to strengthen their economies and create a more seamless and easier environment to do business.
 
The economic bloc, created less than three years ago, is the world's seventh-largest recipient of foreign direct investment, attracting $71 billion in 2012.

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