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Pacific Alliance

  • Date Submitted: 11/10/2013 02:22 PM
  • Flesch-Kincaid Score: 33.9 
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1. The Pacific Alliance is a Latin American bloc formally launched on 6 June 2012 in Chile's Paranal Observatory at the organization's fourth summit. It groups Chile, Colombia, Mexico and Peru. Observers to the PA include Panama (which may become a full member), Costa Rica, Uruguay and Guatemala, among Latin American economies. Outside of Latin America, Canada, Australia, New Zealand, and Japan are important Pacific nations that have joined as observers.
It hasn´t changed much because it´s a new block.   “In very little time, we have succeeded in moving forward rapidly,” said host Piñera, explaining that it would bring about a “deep integration” that will go “far beyond free trade and reach out to the Asia-Pacific region.”
In just two years, the PA has made considerable progress. The political commitment of government leaders is real, and the economic, social, and cultural foundations are in place. The challenge is to achieve the goals of “deeper integration” according to the vision of the founders and to expectations in the international community.  
Exports from Chile, Peru, Colombia, and Mexico, along with the observer countries (Panama and Costa Rica), recorded an average annual growth of 8%.

  2. Like other integration efforts in the region, the Pacific Alliance aims to achieve the free flow of goods, investments, services and people among its members, as well as building joint infrastructure projects.
"This means that at least 90 percent of products traded between our countries will be free from all kinds of duty, and we will have a timetable for the remaining 10 percent so that we can achieve the goal of 100 percent free trade," Piñera said during the sixth Pacific Alliance meeting, held in Santiago on Sunday.
What is free trade zone? A free-trade area is a trade bloc whose member countries have signed a free-trade agreement (FTA), which eliminates tariffs, import quotas, and preferences on most (if not all) goods and services traded between them....

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