The Chilean government highlighted some of the achievements of the Pacific Alliance, an economic bloc comprising Mexico, Colombia, Chile and Peru.
In force since 2015, it aims to achieve deep and progressive integration, including the free movement of goods, services, resources and people.
The Alliance seeks to drive greater growth, development and competitiveness among its members and to promote well-being and social inclusion.
The goal is for it to be a global economic and trade platform.
According to the Chilean government, its achievements include the Pacific Alliance Declaration on Gender Equality, the Roadmap for the Sustainable Management of Plastics and the Presidential Declaration on the Development of the Regional Digital Market.
Pacific Alliance
On the digital front, the four countries also signed a Digital Economy Partnership Agreement (DEPA) with New Zealand and Singapore to facilitate the export of digital products and services and promote business certainty and inclusive opportunities.
On June 6, 2012, Colombia, Chile, Mexico and Peru signed the framework agreement «Pacific Alliance Agreement», and on February 10, 2014, the same countries signed framework protocols.
The agreement is a regional integration mechanism, whose other objective is for member states to create attractive integrated markets and provide greater international competitiveness.
Mila
Most recently, on July 2, 2023, Mexico ratified a convention signed by the parties to the Pacific Alliance Framework Agreement, which establishes a standard tax treatment for interest and capital gains derived from the sale of shares through any stock exchange of the Latin American Integrated Market (Mila) and aims to encourage the participation of institutional investors in the capital markets of the Pacific Alliance member countries.
The convention came into force on January 1, 2024.
Also on July 21, 2021, the Pacific Alliance and Singapore concluded negotiations for Singapore to become the trading bloc’s first partner state under a free trade agreement.
In July and November 2022, Costa Rica and Honduras, respectively, submitted their formal application to join the agreement.