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INTERNATIONAL TAXATION

Entry Into Force Of The Commercial Protocol Of The Pacific Alliance

On May 1st 2016, the Additional Protocol to the Framework Trade Agreement, subscribed on February 10th 2014, came into force

  

The Additional Protocol to the Agreement entered into between Chile, Colombia, Mexico and Peru, came into force on May 1st 2016. This Agreement is aimed to allow for the creation of a free trade zone between these Latin American countries. The Agreement establishes a commercial instrument that has the purpose of allowing the free movement of goods, services, capital and individuals among the four countries. In this vein, with the entry into force of the Additional Protocol, 92% of the products exchanged by these countries will not be subject to custom duties, and it is expected that by the year 2030, all products will circulate freely between the signatory countries of the Agreement. Some of the most important aspects contained in the Agreement are the regulation of issues of great influence, such as e-commerce, financial services and communications.