World Bank supports internationalization of service SMEs of the Pacific Alliance

July 9, 2021.- The World Bank will make a contribution of US$250,000 to the Pacific Alliance (PA) to be used for the internationalization project of small and medium-sized enterprises (SMEs) in the service trade sector that are provided digitally, initiative being undertaken by the PA services subcommittee.

This was defined during the meeting held by the National Coordinators of the member countries of the Alliance (Chile, Colombia, Mexico and Peru) and representatives of the international organization, in which it was also established that the terms of reference have already been agreed, including a roadmap that will guide the development of the project, which will be carried out over 2 years.

The main objective is to identify regulatory barriers to international trade and investment in knowledge-based services and digital services in the PA. Likewise, to implement policies and measures that translate into concrete actions to facilitate regional trade. On the other hand, it will allow the Alliance to position itself as a leader in regional integration compared to other integration schemes in the world.

Finally, the implementation of the initiative will significantly increase, in the medium term, international trade in services and foreign direct investment in the region.

It will be developed in 4 stages:

  1. Profile analysis: who are the investors and traders of the Pacific Alliance in digital matters.
  2. Assessment of regulatory barriers and dialogue with the private sector: understanding what entrepreneurs are facing.

  3. Recommendations and adoption of an action plan for regulatory reform.

  4. Implementation and follow-up of the Action Plan.

In this way, the bloc continues to make progress in strengthening trade and in projects that leverage economic reactivation in the Pacific Alliance.