The Pacific Alliance is a regional integration initiative comprising Chile, Colombia, Mexico and Peru, established on April 28, 2011 and formally constituted on June 6, 2012.
The bloc is the eighth world economy, bringing together nearly 250 million consumers and accounting for 39% of Latin America’s GDP, 44% of its FDI and 50% of its foreign trade.
The goal of the alliance is to create a micro trade zone among member countries while deepening integration between these economies and trade links with the Asian countries of the Pacific Rim.
- Environment and climate change.
- Innovation, science and technology.
Principal achievements of the Alliance
- Eliminating 92% of tariffs, with the remaining 8% to be phased out by 2030.
- Academic and student mobility platform.
- Agreements on a specific climate change fund.
- Signing of a letter of intent to support SMEs.
XI Pacific Alliance Summit Goals
- Analyze the status of relations between member countries and integration processes such as ASEAN and Mercosur.
- Promote rapprochement with Asia Pacific.
- Increase work with observer countries.
Mexico's participation in the Pacific Alliance seeks to boost the country’s economic development through greater trade relations between member countries and other parts of the world.
“I cordially invite all member countries to join forces to create a shared space of development and prosperity”: EPN