Mexico, Colombia, Peru and Chile signed a protocol agreement framework of the Alliance of the Pacific, which frees 92% of tariff items of intra-regional trade.
The remaining 8% will be removed gradually over the next 15 years, this integration bloc will reach a total freedom in trade, stock market, financial, education, environment and energy.
The actual members of the Pacific Alliance: Chile and Colombia
The Alliance’s main objective is to promote the free movement of goods, services, capital and people. To promote growth, development and competitiveness in their respective territories. Intends that this agreement is a platform of political articulation, integration agreement and worldwide reach, with special emphasis on the Asia- Pacific region, other measures to promote investment and on rules of origin of products.
The countries that make up the Alliance of the Pacific constitute altogether the eighth world economy and represent the seventh export power. In Latin America and the Caribbean, the bloc of Nations making up the initiative, represents 36% of the GDP of the region, concentrated 50% of total trade and attracting 41% of foreign direct investment flows. The four countries joined a population of 212 million people with a gross domestic product (GDP) per capita average of $10,000. NATO member countries have a mostly young population, which constitutes a qualified workforce, in addition to an attractive market with growing purchasing power.
Decision Making Body
The Presidents of the four member countries comprise, in practice, the highest organ of decision of the process; and the body meet at summits, such as the one carried out in Colombia. The Group of high level (GAN), comprised of the Vice Ministers of foreign trade and Foreign Affairs of the members of the Alliance Nations, is the body responsible for monitoring the progress of the technical groups, assess the areas in which it can advance and prepare a proposal for the projection and external approach with other organizations or regional groups especially in the Asia-Pacific region.
The Pacific Alliance has a “President Pro Tempore”, which is exercised by each of the Member countries, in alphabetical order, for annual periods. Currently, Colombia holds the chairmanship of the body, and the next country to lead the Agency will be Mexico.