Group of three
The Group of Three (G3) was originally a free trade agreement between Colombia , Mexico and Venezuela that went into effect on January 1, 1995 and created an expanded market with 149 million consumers and a gross national product of 486.5 billion US dollars . Venezuela finally left the “Group of Three” in 2006 to become a full member of Mercosur instead .
The agreement stipulated a 10% reduction in customs tariffs over ten years - starting in 1995 - for trade in goods and services between the three countries. It creates a connection between NAFTA and the Andean Community . The agreement is not limited to the liberalization of trade, but also covers matters such as investment , services, government acquisitions and provisions to combat unfair competition and the right to intellectual property .