A deal to eliminate 92% of tariffs on goods and services traded between Chile, Colombia, Mexico, and Peru - the countries that make up the Pacific Alliance - was signed last week.

The accord is expected to take effect some time next year once member country parliaments have ratified the deal, and will phase out the remaining 8% of tariffs gradually thereafter.

The bloc was set up in June 2012, and at the time of its inception was already the world's ninth-largest trade group - with the four founder members accounting for over 35% of Latin American GDP, a market of 215m people, and over 50% of Latin America's exports to the rest of the world.

The Pacific Alliance is also set to expand after Costa Rica last week applied to join as a full member, with reports suggesting Panama and then Guatemala are likely to follow suit.