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.