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A customs union established by the Cartagena Agreement in 1969 between Chile, Peru, Colombia, Bolivia and Ecuador. Venezuela joined the Pact in 1973, but Chile terminated her agreements in 1976. The aims of the group include the setting up of a common external tariff, the freeing of trade between member countries and a policy of development and rationalization for specific industries on a regional basis. Tariffs on manufactured goods have been virtually eliminated between all member countries save Ecuador and Bolivia, which have been given a further ten years to adjust.
Reference: The Penguin Business Dictionary, 3rd edt.
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