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.

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.


Investment dictionary. . 2012.

Look at other dictionaries:

  • group — [gruːp] noun [countable] 1. also group of companies ORGANIZATIONS a large business organization that consists of several companies that all have the same owner: • Burmah Castrol, the lubricants group • the sale of the Rover Group to BMW …   Financial and business terms

  • Group — can refer to: Sociology * Group action (sociology) * Group behaviour * Groups of people, a description of various different human groups ** Peer group ** Workgroup * Group dynamics * Group (sociology), a sub set of a culture or of a society *… …   Wikipedia

  • Group C — was a category of auto racing, introduced into sports car racing by the FIA in 1982, along with Group A for touring cars and Group B for GTs. It was designed to replace both Group 5 Special Production Cars (closed top touring prototypes like… …   Wikipedia

  • Group f/64 — was a group of famous San Francisco photographers who espoused a common philosophy and photographic style. The group was created in 1932, and it is usually listed as including: * Ansel Adams+ * Imogen Cunningham+ * John Paul Edwards+ * Consuelo… …   Wikipedia

  • Gröûp X — (also known as Gröûp X: Arabian Rap Sensations) is a faux Arabian rock band, claiming to be from the fictional village of Cramshananteen, Saudi Arabia. They play a mix of rap and rock. They are known for using comically accented and mangled… …   Wikipedia

  • GROUP-E — Collaboration Software Entwickler endo7 Aktuelle Version 1.7.25 (31. März 2011) Betriebssystem …   Deutsch Wikipedia

  • group — n Group, cluster, bunch, parcel, lot mean a collection or assemblage of persons or of things. Group implies some unifying relationship, however tenuous (as a similarity of activity, of purpose, or of nature), and ordinarily a degree of physical… …   New Dictionary of Synonyms

  • Group 1 — * Group 1 element an element classification for Alkali metal * Group 1 (racing) a FIA classification for auto racing that preceded Group N * Group 1 thoroughbred horse races, are the leading events in the sport. * Group 1 Automotive a publicly… …   Wikipedia

  • Group 4 — may refer to: * Group 4 element an element classification * Group 4 (racing) an FIA classification for cars in auto racing and rallying * Group 4 Securicor a prominent British security company * IB Group 4 subjects a subject group for the… …   Wikipedia

  • group — group, social group A number of individuals, defined by formal or informal criteria of membership, who share a feeling of unity or are bound together in relatively stable patterns of interaction. The latter criterion is necessary in order to… …   Dictionary of sociology

  • group — [gro͞op] n. [Fr groupe < It gruppo, a knot, lump, group < Gmc * kruppa, round mass: see CROP] 1. a number of persons or things gathered closely together and forming a recognizable unit; cluster; aggregation; band [a group of houses] 2. a… …   English World dictionary

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.