Free-trade agreements are catching on across Latin America. Mexico, Colombia and Venezuela have been negotiating a trading zone which, once in place, could attract new members such as Peru, Bolivia and Ecuador.
Also, Mexico has been negotiating with Costa Rica on a trade deal which could lead to the inclusion of the Central American nations of Guatemala, Honduras, El Salvador and Nicaragua.
A free-trade agreement between Mexico and Chile has been in effect since 1991. It is speculated that a trading bloc comprising Mexico, Colombia, Venezuela, Peru, Bolivia and Ecuador, once in operation, would soon be negotiating with South American Common Market (Mercosur) members Argentina, Brazil, Uruguay and Paraguay for the removal of barriers.
At the beginning of this year, the North American Free Trade Agreement came into effect, linking Canada, Mexico and the U.S.
Currently, the U.S. is Mexico’s largest trading partner.
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