Chile, Colombia, Mexico and Peru Scrap Tariff Between the Four Countries

Four of the fastest growing economies in Latin America agreed on Thursday to scrap most of the tariffs on trade between their countries.

Chile, Colombia, Mexico and Peru, the founder members of the Pacific Alliance trading bloc, said the deal would eliminate 90% of merchandise tariffs between the nations within months.

They said the remaining 10% would go by the end of the decade.

The four hailed the move as an historic step towards regional integration.

The countries also agreed to abolish the need for tourist and business visas, allowing their citizens, which have a combined population of 210 million people, to travel more easily between the four countries.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza