Pacific Alliance Strengthens Trade and Investment; Mexico, Chile, Colombia, and Peru Reaffirm Commitments

The Pacific Alliance countries, Chile, Colombia, Mexico, and Peru, have renewed their dedication to enhancing trade, investment, and overall competitiveness within the bloc. During a virtual Free Trade Commission meeting, representatives from these nations emphasized their interest in increasing the participation of small and medium-sized enterprises in regional value chains and fostering a business-friendly environment.

Mexico's Undersecretary of Foreign Trade, Luis Rosendo Gutiérrez Romano, chaired the meeting in his capacity as pro tempore president. The participating officials included Paula Estévez Weinstein from Chile, Sofia Carolina Cañón Valbuena from Colombia, and César Augusto Llona Silva from Peru. A key agreement reached was the elimination of technical trade barriers for cosmetic products, aiming to establish a common regulatory framework that facilitates commerce while ensuring health protection and adequate consumer information.

Amidst a diplomatic dispute between Mexico and Peru, the member states also approved the Fourth Amending Protocol to the Framework Agreement. This protocol integrates chapters on micro, small, and medium-sized enterprises, as well as regional and global value chains. The Commission further committed to a joint strategy, overseen by National Trade Coordinators, to finalize pending work on regulatory cooperation annexes and define a clear roadmap for their implementation.

The Pacific Alliance stands as the world's seventh-largest economy in 2024, holding the position of the fourth-largest global exporter. Its combined GDP accounts for 42.8% of Latin America's total. The bloc generates 57.4% of the total trade in Latin America and the Caribbean and attracted 41.6% of the foreign direct investment flow in 2024.

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The Pacific Alliance represents the seventh economy in the world in 2024, is the fourth global exporting power, and its Gross Domestic Product accounts for 42.8% of Latin America.