Mexico, Chile, Peru and Colombia Agree on Tariff Reduction in Pacific Alliance Agreement
Economic ministers from Mexico, Chile, Peru and Colombia announced on Aug. 26 a preliminary agreement on tariff reduction among the four countries in Pacific Alliance negotiations. The ministers agreed to immediate elimination of tariffs on 92 percent of tariff lines, and staged elimination for the other 8 percent. According to Colombian Minister of Commerce Sergio Diaz-Granados Guida, the agreement on tariffs completes negotiations on the economic prong of the four-country Pacific Alliance accord.
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“Almost two years have already passed in the evolution of the Pacific Alliance, and today it has taken an important step in the close of economic negotiations of the agreement,” said Diaz-Granados during a joint press conference held by the four countries’ ministers Aug. 26. “What we did today is ratify the mandate of the Presidents from their last meeting in Cali, in the sense that this year we will reach the end of economic negotiations,” he said.