Group of 3 - G3
 |
Definition of 'Group of 3 - G3'A free trade agreement between Colombia, Mexico and Venezuela. Together, these three countries comprise 70% of the entire population of the Greater Caribbean region. The three countries enacted the accord on January 1, 1995. The agreement covered numerous issues including intellectual property rights, public sector investments and easing of trade restrictions including a 10% lowering of tariffs between the three countries for 10 years (between 1995 and 2005). Venezuela opted to not continue the relationship in 2006 and instead joined the South American trade group Mercosur. Colombia and Mexico agreed to continue the agreement.Also known as G3 Free Trade Agreement. |
 |
Investopedia explains 'Group of 3 - G3'One of the Group of 3's first projects was to construct a gas pipeline that would extend from Colombia to Venezuela. The pipeline – which had an original price tag of $800 million – would enable Venezuela to tap into Colombian gas fields. The project was completed in 2007 and transports 150 million cubic feet of gas per day to the country's gas-deficient western region. Sometime between 2011 and 2014 Venezuela plans to reverse the pipeline's flow in order to benefit Colombia as well. |
Related Definitions
Articles Of Interest
-
What Is International Trade?
Everyone's talking about globalization, so we explain what is it and why some oppose it. -
Globalization: Progress Or Profiteering?
Proponents of globalization argue that it helps the economies of developing nations and makes goods cheaper, while critics say that globalization reduces domestic jobs and exploits foreign workers. ... -
NAFTA's Winners And Losers
Read on to find out who this free-trade agreement helped, and who it hurt. -
How do NGOs get funding?
A non-governmental organization (NGO) is a non-profit, citizen-based group that functions independently of government. NGOs are organized on local, national and international levels to serve ... -
Countries With The Best And Worst Investor Protection
Discover which countries do the most to protect the little guy from scheming executives and shady back-room deals. -
Plastic Surgery Worldwide: Which Countries Nip And Tuck The Most?
South Korea and Greece are two nations that lead the world in per-capita plastic surgery procedures. -
The Most Financially Literate Countries
Brazil topped the list as having the most financially literate population, followed by Mexico, Australia, United States and Canada. -
5 Countries You Need To Visit Sooner Rather Than Later
There are indicators in some countries that conditions may change and travelers may miss out on exploring these places. -
5 Eurozone Acronyms Explained
Confused by all of the new acronyms used by the media to describe the European debt crisis? We can help. -
5 Worthwhile, Inexpensive Christmas Destinations
Is your family looking to go some place exotic for the holidays this year? We tell you about five inexpensive places to visit.
Free Annual Reports
