The Pacific Alliance (PA), the most forward-looking and ambitious initiative in Latin America, seeks to achieve the free movement of goods, services, capital and people. In the five years since its creation, it has achieved concrete results, such as the entry into force of the trade agreement that eliminates 92% of member countries’ tariffs.
During the summit held in Puerto Varas, Chile became the President Pro Tempore for the third time, this time from June 2016 to June 2017.
By participating in this alliance, Mexico continues to boost its economic development by expanding its trade relations and strengthening its presence in the region.
During the two-day Summit, there was a report on the progress made under Peru’s leadership; a ministerial meeting with Observer countries; and seven new Observer countries joined the Alliance: Argentina, Czech Republic, Egypt, Norway, Romania, Slovakia and the Ukraine, for a total of 49 Observers. The PA Presidents also met privately with the Heads of State of Argentina and Costa Rica.
The Declaration of Puerto Varas will set forth the new mandates for the technical groups and establish others to increase the group’s competitiveness in the current international context.