The Pacific Alliance is an initiative of regional integration comprised by Chile, Colombia, Mexico and Peru, officially established on April 28th, 2011. Its objectives are:
The Pacific Alliance offers many competitive advantages to contribute to the investment and business.
· It seeks deeper integration of services, resources, investments and movement of people. · It is an open and inclusive integration process, comprised by countries with similar visions of development and of the free trade. · It is a dynamic initiative with a high potential and business projection. · The economies of member countries rank, altogether, eighth place worldwide. · It offers competitive advantages for international businesses, focusing on Asia-Pacific region.
· The Pacific Alliance is the eighth economic power and the eighth export force worldwide. · In Latin America and the Caribbean the block of countries represent the 38% of the GDP, 50% of the total trade and attracts 45% of the Foreign Direct Investment. · The four countries gather a population of 216 million persons and have an average per capita GPD of USD 9,910.* · The population is mainly young and constitutes a qualified labor force as well as an attractive subset of consumers whose purchase power is in constant growth. *figures for the first quarter of 2015.
· Members keep a network of trade agreements among them and with the most developed and dynamic economies in the world. · It promotes commercial, investment, innovation and technological exchange with the most competitive regions around the world. · It has the potential to attract new investment in the region. · The Pacific Alliance has competitive advantages in mining, forest resources, energy, agriculture, automotive, fishing and manufacturing.
· Free movement of people. · Preservation and respect for the environment. · Academic and cultural exchange. · Cultural promotion. · Stock markets integration. · Opening of joint commercial offices and joint participations in fairs and exhibitions. · Small and medium-sized enterprises' innovation and competitiveness improvement. · Tourism.
Created in 2011, in just four years the Pacific Alliance has accomplished global recognition for its achievements and its potential.
STRUCTURE AND SYSTEM
The Pacific Alliance works through the coordination between ministries and agencies of the four member countries and not with a permanent secretary.
Annually, the Pacific Alliance rotates the mechanism coordination between its members because it doesn’t have a permanent secretary. In July 2015, Peru received the pro tempore presidency from Mexico.
Periodically, the four member countries’ heads of State gather to review the Pacific Alliance progress and to determine where the integration mechanism needs to move forward.