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Pacific Alliance bloc concludes talks on integration


Pacific Alliance bloc concludes talks on integration

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Photo: Reuters

The Summit of the Pacific Alliance will wrap up today in Lima, where the presidents of Peru, Colombia, Mexico and Chile will debate how to weather an increasingly complex global trading environment.

Established in 2011, the Pacific Alliance trading bloc incorporates four of the largest economies in Latin America with a Pacific coast.

Today’s discussions will focus on issues related to the ongoing trade dispute between the US and China, by which they have been adversely affected. Regional integration and promotion of competitiveness includes the facilitation and enhancement of investment amongst one another. For now, the region’s increasing attractiveness to global investors contrasts with the economic models of Brazil and Argentina on the Atlantic coast.

The member states will attempt to reduce their dependence on products from the US and China by strengthening their financial and global competitiveness, including the integration of their financial services. The bloc is less than a decade old, and the prospects of success for long-term integration is yet to be seen.

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Photo: Ministry of Foreign Affairs

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