GROUP OF 3 - G3
Free trade agreement between Colombia, Mexico, and Venezuela, which comprise 70% of the whole population of the Greater Caribbean region. Enacted in 1995, the accord entails several issues such as intellectual property rights, public sector investments, and mitigating trade restrictions including reducing 10% of tariffs between these three nations for 10 years, from 1995 to 2005. Although it is still in effect, Venezuela left the group in 2006 and joined Mercosur, South America’s trade group. Also called G3 Free Trade Agreement.
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