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Pacific Alliance: Associate members' integration to be addressed in Nov

10:35 | New York (U.S.), Sep. 25.

A Pacific Alliance meeting will occur next November in Lima to address the integration of new associate members, which will open up the economy of the bloc, Peruvian President Martin Vizcarra informed.

In statements to State-run channel TV Peru from the United States —where he is paying an official visit— Vizcarra noted the fact that more countries are interested in this regional initiative due to the success it has so far achieved.

"The Pacific Alliance comprises four nations: Peru, Chile, Colombia, and Mexico, but its visible results are so good that four countries already hold the associate member status (…): Canada, Australia, New Zealand, and Singapore," he stated.

According to the Peruvian leader, more countries have formally applied to join the Alliance, and other 56 countries have expressed interest in this group.

"Regarding the four associate members, we already have a schedule, and we are going to meet in Lima next November to address their integration," Peru's top official pointed out.

"Pacific Alliance member states support their integration as they open up the economy, plus their products can access the market, thus expanding the field of action," he added.

He went on to stress that all decisions to integrate new associate members will be made as a body.

About

According to its own definition, the Pacific Alliance —created in 2011— is an integration initiative focused on reducing trade barriers, as well as fostering the free circulation of goods, services, capitals, and people across its territories.

The bloc relies on observer countries and represents the eighth-largest economy in the world.

Nowadays, it has become the axis of a new way of doing business in the continent.

Likewise, it has become a new platform to negotiate deals across the hemisphere.

On an annual basis, the Pacific Alliance rotates the pro-tempore presidency among its members.

As is known, Peru assumed the pro-tempore presidency of the Pacific Alliance at the bloc's summit held July 24 in the Mexican city of Puerto Vallarta.

It must be noted Chile was handed over the presidency by Peru in 2016, and then Colombia was chosen to hold it in 2017.

(END) JCR/FHG/RMB/MVB

Published: 9/25/2018
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