Industry / Colombia
Colombia And Mexico Boost Co-operation
August 2006 | Industry NewsThe Colombian government has approved legislation whereby 4,000 new, Mexican autos weighing up to 8.8 tonnes may be imported into the country, subject to a custom duty of 8%. The move builds upon the existing trade relationship achieved through the G-8 - a trilateral free-trade association initially formed by Colombia, Mexico and Venezuela. Under the G-8 agreement vehicle duties will be gradually phased out up to 2010, with a 25% reduction being applied in 2006. In 2007, the number of vehicles being imported from Mexico under the new law will be increased to 5,000 units, subject to a 6% duty.
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