Latin America broadens its horizons

Latin America broadens its horizons

New trade opportunities beckon for Latin America in Asia Pacific. The Pacific Alliance bloc announced on Thursday the 29th of June that it was expanding beyond the region and hosting 4 new members.

During the meeting in Cali, Columbia, the 4 founding members of the alliance – Mexico, Chile, Columbia and Peru said that Australia, New Zealand and Singapore were expected to join in the near future.

The Mexican president Peña Nieto, who attended the meeting, believes this initiative will create a number of opportunities for Mexico particularly in terms of trade and international relations. Indeed, Mexico is continuously seeking to diversify its export markets and become less reliant on the United States.

“Today there are voices that question the benefits of free trade . However, it must be said that the Pacific Alliance has remained firm in its principles and this clarity of principles has enabled us to build a flexible and pragmatic mechanism that efficiently achieves concrete results.” Added the president

Nieto made it clear that negotiations with the new members would not affect trade agreements already in place with Canada.

The members of the Pacific Alliance are amongst the top advocates of free-trade  in Latin America. Their GDP combined makes up around 36% of Latin America’s GDP and their economy would rank 8th on the global scale had they been one unified country.

The meeting has also allowed the members to discuss the possibility of creating a mutual passport for all citizens of the alliance, a measure that will facilitate their mobility across the borders.

For more information :

http://mexiconewsdaily.com/news/latam-trade-bloc-broadens-its-horizons/

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