Presidents Martin Vizcarra (Peru), Ivan Duque (Colombia), Sebastian Piñera (Chile), and Foreign Affairs Secretary Marcelo Ebrard (Mexico) on Saturday signed the Lima Declaration and other cooperation agreements at the end of the 14th Pacific Alliance Presidential Summit's plenary session
The first document inked by the Pacific Alliance
Heads of State was the Memorandum of Understanding with Media Houses.
Afterwards, they signed the Environmental Declaration and the World Trade Organization (WTO) Declaration.
During the plenary session, Peru handed over the pro-tempore presidency of this regional trade bloc to Chile.
Chilean President Sebastian Piñera affirmed that one of the alliance's challenges is to become more integrated and sustainable in order to tackle climate change.
On the other hand, Ecuador will initiate the process to become a full member of the Pacific Alliance
"We have participated in the presidential meeting along with President Lenin, which expresses a welcome to Ecuador, of course once all corresponding steps and procedures have been implemented," Trade, Industry and Tourism Minister Jose Manuel Restrepo told the media.
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.
On an annual basis, the Pacific Alliance rotates the pro-tempore presidency among its members.
Peru assumed the pro-tempore presidency of the Pacific Alliance at the bloc's summit held on July 24, 2018, in the Mexican city of Puerto Vallarta.
It must be noted Peru handed over the presidency to Chile in 2016, and then Colombia was chosen to hold it in 2017.