Bogota, 26 April 2022 (TDI): The Pacific Alliance organized a high-level group meeting in Bogota, Colombia, to advance the regional agenda. The Pacific Alliance is a regional integration initiative.
It has four members, including Chile, Colombia, Mexico, and Peru. Currently, Mexico leads the bloc as its Pro Tempore President. The Vice Ministers of Foreign Affairs and Foreign Trade of Colombia, Mexico, Chile, and Peru attended the meeting.
The Vice Ministers of the Pacific Alliance received the progress reports about the ratification of the Pacific Alliance-Singapore Free Trade Area and cooperation.
Previously, an agreement between Singapore and the Pacific Alliance was signed on the establishment of a free trade area. As a result, Singapore became an associate member of the organization.
Moreover, they also held meetings with the Technical Group Committee of Experts and The Inter-American Development Bank. These two are important strategic partners in the implementation of the mechanism.
In addition, the Chilean Undersecretary, José Miguel Ahumada expressed that his government is keen to enhance ties in the region.
He said, “For the Chilean government, it is key to strengthen ties with the region, and in this challenge, we hope that the Pacific Alliance will consolidate itself as an integration benchmark for Latin America”.
The Pacific Alliance
A regional integration initiative and a trade bloc, the Pacific Alliance was officially established on April 28th, 2011. Apart from the four-member countries, the Alliance has one associate member (Singapore).
Likewise, it has several Candidate Associate Members and many observers. The bloc has three major objectives:
- Firstly, to build an area of integration to establish free mobility of goods, services, resources, and people in a consensual way
- Secondly, to drive further growth, development, and competitiveness of the economies of its members. Focusing on achieving greater well-being, overcoming socioeconomic inequality, and promoting the social inclusion of its inhabitants.
- Lastly, to become a platform of political articulation, economic and commercial integration, and projection to the world.
