The presidents of the member nations of the Pacific Alliance on Monday here signed an Additional Protocol to liberalize the exchange of goods, services and investments within the bloc.
The agreement was signed by the presidents of Colombia, Juan Manuel Santos; Chile, Sebastian Piñera; Mexico, Enrique Peña Nieto; and Peru, Ollanta Humala at the closing ceremony of the 8th Pacific Alliance Summit.
The accord, which was called “historic” by Peña Nieto, eliminates tariffs on 92 percent of the goods and services exchanged among the four member states.
The remaining 8 percent, including “sensitive” agricultural products, will be the subject of additional talks in which sugar will not be included at the request of some of the members.
The protocol signed Monday is the first addition to the June 6, 2012, Framework Agreement that launched the Pacific Alliance at the summit in Cerro Paranal, Chile.