The new Pacific Alliance negotiations focus on the incorporation of new state-of-the-art disciplines among its four members, Mexico, Colombia, Chile and Peru.
These four nations aim to strengthen economic integration and political cooperation.
Agreements outlined in the Pacific Alliance
It is also a trade bloc committed to the liberalization of trade flows and trade integration.
The four countries are continuing negotiations to update the Additional Protocol to the Pacific Alliance Framework Agreement with the incorporation of state-of-the-art disciplines.
In addition, the bloc is holding negotiations on the following chapters:
- Trade and gender.
- Small and medium-sized enterprises.
- Global value chains.
- Production linkages.
Pacific Alliance negotiations
Formed on April 28, 2011, this bloc held several meetings in the first half of 2024, including those of the Council of Ministers, the High Level Group and National Coordinators.
On July 21, 2021, the Pacific Alliance and Singapore closed a deal for Singapore to become the first country associated to the group through a free trade agreement.
Then, in July and November 2022, Costa Rica and Honduras officially submitted their application to join the Pacific Alliance.
On July 2, 2023, Mexico approved an agreement that entered into force on January 1, 2024. This agreement, also signed by Colombia, Chile and Peru, establishes equal tax treatment for interest and capital gains obtained from the sale of shares in any stock exchange of the Latin American Integrated Market.
The purpose is to encourage the participation of institutional investors in the capital markets of the countries that are part of the Pacific Alliance.
Trading Partners
Between August 2023 and April 2024, Mexico led the Coordination of the Technical Cooperation Group (GTC), with the objective of increasing cooperation opportunities.
Then, in March 2024, the members of this bloc participated in the V Cooperation Forum in Lima, Peru. There, a possible collaboration between the Pacific Alliance countries and the Philippines, Indonesia, Thailand, United Kingdom, Lithuania, and Japan was identified.