Tariffs on 90% of the goods traded between member countries of the Pacific Alliance trade bloc are set to be eliminated by 31 March.

The bloc, which was set up in June last year, is currently made up of Mexico, Colombia, Chile and Peru. Observers include Japan, Guatemala, Uruguay, Panama and Costa Rica.

At its inception the trade group was already the world's ninth largest, 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.

Other goals set out for the first half of 2013 include eliminating technical obstacles to trade, facilitating trade, and establishing a customs cooperation."

The next Pacific Alliance meeting will be held on 24 May in Cali, Colombia.