The presidents of Colombia, Chile, Mexico and Peru signed the accord in Cartagena, Colombia, yesterday. Together they form the nearly two-year-old Pacific Alliance.
The accord is expected to take effect next year after approval by institutions within the member nations. Tariffs on agricultural goods such corn and beef will be gradually reduced.
The four partners count 212 million inhabitants among them and their economies are worth a combined USD 2 trillion a year.
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