G3 Free Trade Agreement

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The G3 countries are Colombia, Mexico and Venezuela. Venezuela left the bloc in November 2006.

The G-3 was a free trade agreement between Colombia, Mexico, and Venezuela that came into effect on January 1, 1995, which created an extended market of 149 million consumers with a combined GDP (Gross domestic product) of US$486.5 billion. The agreement states a ten percent tariff reduction over ten years (starting in 1995) for the trade of goods and services among its members. The agreement is a third generation one, not limited to liberalizing trade, but includes issues such as investment, services, government purchases, regulations to fight unfair competition, and intellectual property rights.

Venezuelan President Hugo Chávez announced in May 2006 that his country would withdraw from the trade bloc, due to differences with its two partners.^[1] In April, Venezuela had also announced its plans to leave the Andean Community, after Colombia and Peru reached free trade agreements with the United States and Ecuador kept in negotiations for one. Venezuela then joined Mercosur, while Mexico and Colombia founded the Pacific Alliance along with Peru and Chile.

References

^ "Bloomberg.com: Latin America". www.bloomberg.com. Archived from the original on 2007-09-30.

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History	Spanish American wars of independence Decolonization of the Americas Latin American integration North American integration Patria Grande Simón Bolívar José de San Martín Lucas Alamán Inter-American Commission of Women United States involvement in regime change in Latin America
Organizations	Amazon Cooperation Treaty Organization (ACTO) Andean Community (CAN) Association of Caribbean States (ACS) Bolivarian Alliance for the Americas (ALBA) Caribbean Community (CARICOM) Central American Integration System (SICA) Community of Latin American and Caribbean States (CELAC) Contadora group Contadora support group Forum for the Progress and Integration of South America (PROSUR) Latin American Economic System (SELA) Latin American Integration Association (ALADI) Lima Group (LG) Mercosur Organization of American States (OAS) Organisation of Eastern Caribbean States (OECS) Organization of Ibero-American States (OEI) Pacific Alliance Petrocaribe Rio Group Union of South American Nations (UNASUR) United Nations Economic Commission for Latin America and the Caribbean (ECLAC, CEPAL) United States Pirate Party (USPP)
Projects	Andean passport CARICOM passport CARICOM Single Market and Economy CARIPASS Central America-4 Border Control Agreement Central America-4 passport Eastern Caribbean Currency Union Initiative for the Integration of the Regional Infrastructure of South America (IIRSA) Interoceanic Highway SUCRE
Institutions	Andean Parliament Bank of the South Caribbean Court of Justice Caribbean Development Bank Central American Parliament Development Bank of Latin America and the Caribbean (CAF) Inter-American Development Bank Latin American Parliament Mercosur Parliament South American Parliament
Free trade areas	Caribbean Free Trade Association (CARIFTA) CARIFORUM Dominican Republic–Central America Free Trade Agreement (CAFTA-DR) Economic Partnership Agreements Free Trade Area of the Americas G3 Free Trade Agreement United States–Mexico–Canada Agreement (USMCA)
Events	Pan American Games Pan-American Congress

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