Pacific block to lift tariffs on most goods

Chile, Peru, Colombia and Mexico, member states of the Pacific Alliance trading block, were to agree before 31 March on removing tariffs on 90 per cent of their traded products and gradually reduce tariffs on remaining goods and services after that, Chile's President Sebastian Piñera announced in Santiago de Chile on 27 January. The four states' presidents were attending the summit of Latin American States and the EU (Cumbre Celac-EU) concluding that day. The states were also to set rules to define the origins of traded products and regulate access to their markets and investment flows. Piñera said the block was the "most important and profound integration process in Latin American history." The annual value of exportations was placed at USD 500 billion and the four countries currently provided a market of some 215 million people, the website peru21 reported. The Alliance formed in 2011, is to hold a summit in Cali in 2014. Beside the four members several states have the status of Observers; Costa Rica was reportedly to become the next member. Separately Colombia and Peru signed a free trade agreement with the European Union expected to enter into force in the first half of 2013, Peru21 reported. This has been ratified in Peru and is to be ratified in Colombia.