The
Pacific Alliance —established in April 2011 by Colombia, Chile, Mexico, and Peru— is a key economic and trade integration mechanism designed to promote growth and development among its Member States. This article will explore the specific benefits that this alliance brings to Peru.
This regional bloc aims to foster the creation of an economic integration space, driven by the market, as well as built in a participatory and consensual manner with the purpose of facilitating the free circulation of goods, services, capital, and people.
Besides, it seeks to promote growth, development, and competitiveness of the parties' economies via measures that seek to achieve greater well-being and overcome socioeconomic inequalities, as well as to articulate at political, economic, and commercial levels with the Asia-Pacific region.
Benefits for Peru
The Pacific Alliance —ranked as the eighth-largest economic power and the sixth exporting power worldwide— has competitive advantages in sectors such as mining, forestry resources, energy, agriculture, automotive, fishing, and manufacturing, thus managing to draw 38% of foreign direct investment.
For this reason, it seeks to maintain trade agreements among the four member countries and with the world's most developed economies.
This makes it possible to boost innovative initiatives on the integration of securities markets, as well as the innovation of micro, small, and medium-sized enterprises (MSMEs).
Additionally, this regional bloc addresses other issues, such as free mobility of people, academic and student exchange, cultural promotion, participation at fairs and exhibitions in the same space, improvements in competitiveness, tourism, as well as the preservation of and respect for the environment.
Among its specific benefits for member countries' citizens are the exemption of visitor visas by Mexico for nationals of Colombia and Peru. Similarly, Peru exempted citizens of Mexico, Chile, and Colombia from temporary visa requirement for business immigration status.
Moreover, the Pacific Alliance relies on the Academic and Student Mobility Platform, which grants scholarships to students from Peru, Mexico, Chile, and Colombia to pursue studies in any member country.
(END) NGB/JCR/RMB
Published: 3/20/2024