Middle-east Arab News Opinion | Asharq Al-awsat

Pacific Alliance Warns of Brexit Path - ASHARQ AL-AWSAT English Archive
Select Page

Frutillar – Members of Alianza del Pacifico, or Pacific Alliance agreed to deepen economic integration at the opening day of its Summit Friday in Frutillar, Chile.

The bloc, composed of Colombia, Mexico, Chile and Peru, accounts for 38 percent of Latin America’s gross domestic product. Some 92 percent of trade between member nations is free of tariffs.

Presidents of Chile, Colombia, Mexico and Peru all agreed on strengthening their relations in the face of disintegration following the Brexit.

During the opening ceremony, Chile’s president, Michelle Bachelet said: “When you look at Brexit, when you look at what is happening in the United States with support for Donald Trump, these are people of modest means that got left behind by globalization and that live in rural areas.”

She added: “”My colleagues have all expounded on the importance of integration, but this needs to have social well-being, improved and shared prosperity as a key element,”

Whereas President Enrique Peña Nieto said that the Alliance is one of the most important integration process in the region. He explained that it is not only about free trade, but also free movement.

Another idea discussed is the Southern Common Market, known as Mercosur, which includes Uruguay, Paraguay, Argentina, Venezuela, and Brazil. Mercosur is expected to be integrated with the Alliance.

The Alliance members pledged to empower small and medium enterprises and initiate a fund that shall contribute to investments aiming at rehabilitating the infrastructure.

The Pacific Alliance is an initiative of regional integration comprised by Chile, Colombia, Mexico and Peru, officially established on April 28th, 2011.