G3 Definition
The G-3 is a free trade agreement between Colombia, Mexico and Venezuela that came into effect on January 1, 1995, creating an extended market of 149 million consumers with a combined GDP of US$486.5 billion. The agreement states a 10% tariff reduction over ten years (starting in 1995) for the trade of goods and services among its members and creates a link between the NAFTA and the Andean Pact. The agreement is a third generation one, not limited to liberalizing trade, but including issues such as investment, services, government purchases, regulations to fight against unfair competition and intellectual property rights.