The G-3 is 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.
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