On May 24, the Latin American Pacific Alliance countries, including Colombia, Mexico, Peru and Chile, unanimously agreed to eliminate tariffs on most goods in member countries’ trade to promote free trade among the four countries and expand access to other Latin American countries and Asia. export.
At a recent meeting in Cali, Colombia, the four heads of state agreed to eliminate tariffs on 90% of the goods in the four-nation trade, and will subsequently eliminate tariffs on the remaining 10% of goods. Colombian President Juan Manuel Santos said the tariff elimination system will be implemented in July.
According to United Nations data, the economic growth rate in Latin America this year will reach 3.5%, mainly due to the strong economic growth of Brazil and Argentina, as well as the surge in domestic demand, agriculture and investment. However, due to the unstable global economic situation, the continued impact of uncertainties and the slowdown in economic growth, the international demand for Latin American commodities may decline. Peru’s Trade Minister Jose Luis Silva said that after the elimination of tariffs, he hopes that Peru’s exports will increase by 6% to US$48 million this year. In order to achieve this goal, Peru will not only continue to export traditional products such as minerals, but also Explore emerging export opportunities such as agricultural products and textile products.
