South America's Pacific Alliance signs deal to scrap tariffs
BOGOTA, Feb 10 (Reuters) - Heads of state from South
America's Pacific Alliance, comprising of Chile, Colombia,
nine-tenths of tariffs on goods and services traded between
The Pacific Alliance, created in 2012, aims to integrate
free markets in trade, energy and infrastructure, and bolster
ties with key trading partner Asia.
The trade protocol broadly agreed in principle at a previous
meeting last year will eliminate 92 percent of the tariffs
between the member countries once their respective parliaments
ratify the deal and will phase out the remainder gradually.
"This translates into more investment, more competitiveness
and as a consequence, more employment, and good quality
employment. This is the fundamental purpose of this whole
exercise," said Colombia's President Juan Manuel Santos.
The deal, signed in the colonial Colombian city of
Cartagena, will also create a fund to finance infrastructure
investments within the four member countries and establish a