participates in the plenary session of the 16th Pacific Alliance Summit, which takes place in Bahia Malaga-Buenaventura, Colombia.
Previously, the Head of State attended a private meeting along with peers from member nations that make up the regional integration mechanism.
At the meeting, an assessment of the Pacific Alliance during the Pro Tempore Presidency of Colombia will be provided.
Associated State
In his virtual participation,
Singaporean Prime Minister Lee Hsien Loong thanked the invitation to participate in the current summit and said he was honored that his country became the first Associated State and to sign a free trade agreement with the bloc.
According to the Prime Minister, this FTA will serve to institutionalize and strengthen the economic alliance among countries, as well as invigorate trade among those nations and build stronger ties.
The Pacific Alliance was established in 2011 as an economic and development initiative among four Latin American nations.
Pacific Alliance
The
Pacific Alliance constitutes a regional integration mechanism made up of Chile, Colombia, Mexico, and Peru, through which it seeks to progressively advance towards the free circulation of goods, services, capital, and people.
This is part of a strategy to become a platform for projection to the world, with emphasis on the Asia-Pacific region.
On this occasion, Colombia will hand over the Pro Tempore Presidency to Mexico for the 2022 period.
Peru will assume the bloc's Pro Tempore Presidency in January 2023.
(END) RMCH/VVS/MVB