Monday, 30 November 2020

Pacific Alliance Underscores Latin America’s Role in Global Trade

LATIN AMERICA –  In a world steadily becoming multipolar, new initiatives and cooperation schemes among countries are emerging. A relatively recent example is the creation of the Pacific Alliance (Alianza del Pacifico).

Pacific-Alliance-logo-widescreen-e1389380040915This alliance was created in 2011 by four Latin American countries, Chile, Colombia, Mexico and Peru. Panama and Costa Rica are expected to join the club soon, while 32 more countries including Britain, China, France, Germany and the US have acquired observer status.

The holder of the rotating presidency of the Pacific Alliance for 2014 is Mexico. In cooperation with the other three Latin American countries, it is actively attempting to promote more applications from states seeking to become observers.

- Advertisement -

In Greece, for example, where not much is known about Latin America at the public level and its foreign policy is principally directed toward the Mediterranean, the Middle East and the Balkans, various public events on the Pacific Alliance are being organized.

The Pacific Alliance is an economic and cooperative integration mechanism, aiming at fostering growth, development and competitiveness as well as increasing the free movement of goods, capital and people. The combined population of Chile, Colombia, Mexico and Peru is 214.1 million and the combined GDP equals $2.1 trillion.

The ongoing success of the Pacific Alliance highlights the increased importance of interdependence in the current system of international relations.

Countries becoming observers in the Pacific Alliance, for instance, have the opportunity to automatically expand the free trade agreements that they have already signed with one of the four members to the whole area.

- Advertisement -

Within this context, they can also better realize the importance of achievements such as the Integrated Latin American Market. This integrated stock markets will be the second largest by market capitalization in Latin America after Bovespa, once Mexico joins.

The Pacific Alliance also provides chances for companies from various export-oriented countries to expand their strategy.

By reaching the large developing market the area represents, they can increase profits and safeguard their sustainability.

By the same token, the Pacific Alliance welcomes investments by foreign countries on sectors such as software and IT services, metals and automotive components.

The Pacific Alliance has underscored the importance of Latin America in world business and politics.

Being a source of raw materials and other manufactured goods and agricultural products, it is continuously offering value-added advantages.

- Advertisement -

China, for example, is dynamically engaging itself in the region responding to developments and mutual trade interests.

Furthermore, Latin American countries have gradually started to gain a voice in the world arena as respected international actors.

In this vein, Chile, Colombia, Mexico and Peru are attempting to emphasize the attention they pay to democracy and human rights, as well as free trade.

The Pacific Alliance gives the opportunity to many countries to exert foreign policy influence even if they cannot count on high budgets. That is because observers can participate in various political meetings and sideline discussions.

Specifically, smaller countries, as observers in the Pacific Alliance, are now able to enjoy political benefits and improve their diplomatic efficiency.

As long as the economic crisis continues, smart foreign policy may help pave the way for success without significant financial burden. For its part, the Pacific Alliance is prepared to establish offices in foreign countries to forge cooperation networks as it has already done in Turkey.

All in all, economic and political choices in the 21st century are not only made on the basis of traditional and old-fashioned thinking in spite of the importance of the latter. Countries employing future-oriented approaches and thinking out of the box are carefully becoming involved in a mix of international activities. In that regard, there is certainly a place for the Pacific Alliance.

Article y George N. Tzogopoulos , a lecturer at the Institut européen·European Institute in Nice, France. Source:Global Times

- Advertisement -
Ricohttp://www.theqmedia.com
"Rico" is the crazy mind behind the Q media websites, a series of online magazines where everything is Q! In these times of new normal, stay at home. Stay safe. Stay healthy.

Related Articles

AyA Out of Control: Ombudswoman denounces utility

QCOSTARICA - Costa Rica's Ombudswoman, Catalina Crespo, denounced that the Instituto...

Ghost lodging: the new way to scam families on vacation

QCOSTARICA - If it seems better than expected, the ads for...

MOST READ

Travel to the United States in a pandemic; what you should know

CORRECTION: Costa Ricans do not have to quarantine as was indicated in the original report. QCOSTARICA - It is not uncommon for many Ticos to...

Criminals Use Dating Website to Extort People

QCOSTARICA - Criminals discovered a new way to obtain money on the Internet. Through a website of sexual encounters, they establish contact with potential...

Nicaragua still the country with the greatest mobility in Central America in times of pandemic

TODAY NICARAGUA – Eight months after the first case of Covid-19 was registered in Nicaragua, the country is experiencing a feeling of “normality” amid...

This week begins the transition to the dry season in the Central Valley and Guanacaste

QCOSTARICA - The transition to the dry season in the Central Valley and the Guanacaste (North Pacific) will begin this week, as these areas...

Playas del Coco, Costa Rica

QPHOTOS - Playas del Coco is one of the oldest beach communities in Guanacaste Province, Costa Rica. This region is also one of the...

Government dialogue concludes with many intentions and few concrete proposals 

Government dialogue concludes with many intentions and few concrete proposals

Let's Keep This Going!

To be updated with all the latest news and information about Costa Rica and Latin America.

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.