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Pacific Alliance Broaden Free Trade Arrangements

by Mike Godfrey, Tax-News.com, Washington

14 January 2016


The Chilean Senate on January 5, 2015, approved a protocol to eliminate tariffs on 92 percent of trade within the Pacific Alliance bloc.

The protocol was signed by the Alliance members – Chile, Colombia, Mexico, and Peru – on February 14, 2014. It provides for the immediate elimination of tariffs on 92 percent of products traded between the four members and the gradual elimination of tariffs on the remaining eight percent of trade flows. It also includes provisions designed to encourage trade and investment within the bloc.

The protocol has now been approved by the legislative bodies of all Pacific Alliance member states and is expected to come into effect in the next three months.

Andrés Rebolledo, the head of Chile's Directorate General of International Relations (DIRECON), noted that Chile already has trade treaties in place with the three other Alliance members. The protocol will "complement and enhance what was already contained in those agreements," he said.

Trade between Chile and the other Pacific Alliance states represents about six percent of Chile's total trade, Rebolledo said.

The Pacific Alliance was formed in 2012. To join the bloc, a country must have bilateral FTAs with all existing member states.

TAGS: tax | investment | free trade agreement (FTA) | Chile | export duty | tariffs | Colombia | Mexico | agreements | Peru | import duty | trade

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