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.
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