The G3 and the Road To Continental Integration
Like many other Latin American countries, Mexico, Venezuela and Colombia have undertaken far-reaching reforms aimed at giving leading roles to the external sector and foreign investment in the economic growth process. The reforms in Mexico took place from 1985 onwards, Colombia’s and Venezuela’s in 1989–94. The three countries partly dismantled their quantitative restrictions on imports, substantially reduced tariffs and introduced (amongst other things) significant reforms in labour and transport legislation, as well as in the fields of science and technology and in the treatment of foreign investment. Mexico also carried out a massive programme to privatize state enterprises.1 It is no coincidence that Venezuela (1990) and Mexico (1986) joined the GATT in this period.
KeywordsExchange Rate Trade Flow Tariff Rate Tariff Reduction External Sector
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