G3 Free Trade Agreement
The G-3 was a free trade agreement between Colombia, Mexico, and Venezuela that came into effect on January 1, 1995, which created an extended market of 149 million consumers with a combined GDP (Gross domestic product) of US$486.5 billion. The agreement states a ten percent tariff reduction over ten years (starting in 1995) for the trade of goods and services among its members. The agreement is a third generation one, not limited to liberalizing trade, but includes issues such as investment, services, government purchases, regulations to fight unfair competition, and intellectual property rights.
Venezuelan President Hugo Chávez announced in May 2006 that his country would withdraw from the trade bloc, due to differences with its two partners.[1] In April, Venezuela had also announced its plans to leave the Andean Community, after Colombia and Peru reached free trade agreements with the United States and Ecuador kept in negotiations for one. Venezuela then joined Mercosur, while Mexico and Colombia founded the Pacific Alliance along with Peru and Chile.
See also
- Pacific Alliance
- G3 (disambiguation)
- Trade bloc
- Andean Community of Nations
- North American Free Trade Agreement (NAFTA)
- Central America Free Trade Agreement (CAFTA)
- Mercosur
- Free Trade Area of the Americas
- UNASUR
References
- ^ "Bloomberg.com: Latin America". www.bloomberg.com. Archived from the original on 2007-09-30.
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- Amazon Cooperation Treaty Organization (ACTO)
- Andean Community (CAN)
- Association of Caribbean States (ACS)
- Bolivarian Alliance for the Americas (ALBA)
- Caribbean Community (CARICOM)
- Central American Integration System (SICA)
- Community of Latin American and Caribbean States (CELAC)
- Contadora group
- Contadora support group
- Forum for the Progress and Integration of South Americaa (PROSUR)
- Latin American Economic System (SELA)
- Latin American Integration Association (ALADI)
- Lima Group (LG)
- Mercosur
- Organization of American States (OAS)
- Organisation of Eastern Caribbean States (OECS)
- Organization of Ibero-American States (OEI)
- Pacific Alliance
- Petrocaribe
- Rio Group
- Union of South American Nations (UNASUR)
- United Nations Economic Commission for Latin America and the Caribbean (ECLAC, CEPAL)
- United States Pirate Party (USPP)
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