Monday 21 June 2021

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 -

We strive for accuracy in its reports. But if you see something that doesn’t look right, send us an email. The Q reviews and updates its content regularly to ensure it’s accuracy.

"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

Today’s Vehicle Restriction June 21: plates ending in 1 & 2 CANNOT circulate

Today, Monday, June 21, we are back to the two plates...

Will that be Cash or Sinpe Móvil?

QCOSTARICA - Sinpe Móvil is easy to use. From your phone,...


American woman found lifeless in hotel bathroom in Sabana

QCOSTARICA - A sad discovery occurred this Thursday morning in a hotel located in La Sabana, in San José, the lifeless body of a...

Today’s Vehicle Restriction June 20: only “EVENS” can circulate

Today, Sunday, June 20, only vehicles with "EVEN" ending plates CAN circulate The measure is countrywide and applied between 5:00 am and 9:00 pm, save...

Lack of space on Racsa’s hard drive paralyzed immigration consultation at the airport this Monday

RICO's DIGEST - We've all had this happen, your computer's hard drive is full and your computer crashes. But we are not the Radiográfica...

Nathalie Álvarez Mesén’s feature debut, Clara Sola, ready for the Cannes Directors’ Fortnight

Q ENTERTAINMENT (CINEUROPA) Nathalie Álvarez Mesén’s debut feature, Clara Sola, is ready to take part in this year’s Directors’ Fortnight at the Cannes Film...

Immigration system failure affected passengers at the San Jose airport Monday

QCOSTARICA -  In yet another system-wide failure in the immigration check-out, passengers looking to leave Costa Rica Monday morning by way of the Juan...

Since 2018 MECO has received contracts from the State for more than ¢139 billion

QCOSTARICA - Almost ¢140 billion colones (US$227 million dollars) is the amount the MECO construction company was able to snare for public works contracts...

OIJ investigation into road works corruption leads to inquiries in Panama

QCOSTARICA - The prestige of the company of some of the richest men in Costa Rica hangs by a thread. For many, the MECO...

Fifth tropical wave precipitation will be heavier in the north of the country

QCOSTARICA - For this Wednesday, the arrival of the fifth tropical wave of the season is expected, thus reinforcing the rainy activity mainly to...

Bribed with cars, sexual favors and money in exchange for road works contracts

QCOSTARICA - The OIJ uncovered a big pothole on Monday when it was announced that public officials had allied with construction companies that, apparently,...


Get our daily newsletter with the latest posts directly in your mailbox. Click on the subscribe and fill out the form. It's that simple!

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.