The Group of Three (G-3), made up of Colombia, Mexico and Venezuela, signed Friday an agreement for the establishment of a free trade area (FTA) that will come into being by 2011, senior officials of the three countries said Friday.

The agreement was signed by the foreign ministers of three countries during a two-day meeting that started Thursday.

The G-3 talks established import quotas for the industries of Colombia and Venezuela to have a "security cushion," said Mexican Foreign Minister Luis Derbez.

He said Mexico would export fewer vehicles to Colombia because it does not want to hurt the automobile sector of Colombia and Venezuela.

According to Derbez, Mexico will enter into the two countries' markets with a reduced and limited volume to enable the two countries to boost their own productivity before 2011.

The main goal of the G-3, which was founded in 1989, is to deepen the historical ties between the three countries in areas like politics, economy and trade.

Source: Xinhua