Wednesday, February 5th 2014 - 08:54 UTC

Pacific Alliance summit will remove tariffs from 92% of goods and services

The four presidents of the Pacific Alliance are scheduled to sign next Monday the trade group's Additional Protocol which will remove tariffs on 92% of goods and services, effective immediately, announced Colombian president Juan Manuel Santos who will be hosting the summit in Cartagena.

 The four presidents at the previous summit

 Presidents Sebastián Piñera from Chile, Enrique Peña Nieto, Mexico and Ollanta Humala, Peru have confirmed attendance to the summit which in a couple of years has become the fastest advancing trade group in Latinamerica with its policies open to foreign investment, free trade and promotion of the private sector.

“Next week we meet in Cartagena with presidents Piñera. Peña Nieto and Humala to sign the trade accord which removes tariffs on 92% of our trade, effective immediately”, said Santos who currently holds the rotating chair of the Pacific Alliance.

He added that the Pacific Alliance which has its pillars based on free trade, foreign investment and respect for contracts and “is not an excluding group”.

“As we have said time over and over, this alliance is not a closed group, is not an excluding group, nor does it oppose other integration efforts”, underlined the Colombian leader.

“We are the concrete and pragmatic expression of the interests of a group of countries which decided to unite to take advantage of their synergies and the huge market of the Asia-Pacific basin”.

The Pacific Alliance was started in April 2011 with the “Declaration of Lima” and became formalized on 6 June 2012 with the framework accord signed at the summit held in Chile. The group's population is almost 210 million and its GDP over 2 trillion dollars.

Costa Rica and Panama are candidates to join the group and over 25 countries including China, UK, Germany, South Korea, Canada, Australia are observers.

12 comments Feed

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1 cornelius (#) Feb 05th, 2014 - 09:41 am Report abuse
The bolivarian countries are lefties terrorist and need to be control or deal with, bring the military back to clean the house.
2 Anglotino (#) Feb 05th, 2014 - 09:53 am Report abuse
The Pacific Alliance seems to be able to meet quite easily on the Carribean coast. Mercosur is still trying to find a date to do the same.

It's not even 2 years old and it's already hitting 92% tarrif-free trade.

Also Santos was very pointed in stating the open nature of the Pacific Alliance. It is inclusive not exclusive.

Ecuador has a choice to complete a seamless free trade area along the entire South American Pacific coast. With Panama and Costa Rica joining, soon it'll be a seamless trade area from Tierra del Fuego to the Rio Grande.
3 ChrisR (#) Feb 05th, 2014 - 11:29 am Report abuse
@ 2 Anglotino

Quite so.

But, you see, the difference is that the PA WANT to make it work and the presidents realise that genuine trade is the key.

Everything that Mercosur isn’t!
4 cornelius (#) Feb 05th, 2014 - 12:56 pm Report abuse
This forum only talk of fantasy what we need are regime change in the bolivarian countries.
5 Narine T. Nüster (#) Feb 05th, 2014 - 02:39 pm Report abuse
Argentina has made it clear it will not participate in the world obsession with unfair trade. I do not understand why we EUians, as well as NorthAms do not comprehend this.

Argentina single-handedly smashed ALCA to bits in 2005, and saved the Americas from Alert to Cape Horn from a catastrophe.

It will not dialogue with the UK or the Falklands.

It will not trade with the EU.

It will not sign bilateral deals with the USA.

The sooner the rest of the world understands that Argentina does not want to be part of the community of nations the better. We should respect that.
6 inthegutter (#) Feb 05th, 2014 - 02:55 pm Report abuse
#5 What you say makes little sense, as usual.

You say: “It will not trade with the EU.” reality says: “Argentina's second largest export market, after Brazil, is the EU.” So...

You say: “It will not dialogue with the UK or the Falklands.” reality says: “Argentina constantly demands dialogue with the UK over the status of the Falklands, but when offered a meeting with the UK government and representatives of the islands it refused”. So perhaps you are right there.

Argentina is an agricultural export led economy, I can't imagine anyone but simpletons in Argentina would say: “Argentina does not want to be part of the community of nations”.
7 Captain Poppy (#) Feb 05th, 2014 - 03:05 pm Report abuse
Good thing you do not represent Argentina tobi. That being said, with the pending collapse imminent, you very well could be a spokesperson for the hole that kirchner has created.
It's obvious by the signs.

With growing debt, runaway inflation and an economy which is on life support, there is nothing going on in Argentina to attract international investors.

The U.S. government is unwilling to offer any financial assistance and while allies such as Brazil and Mexico would prefer to see an economically stronger Argentina, the financial hole is too deep and getting deeper daily.

Argentinian public service employees have consistently been getting paid late and this is another bad omen for the country. If public services are allowed to come to a halt, the country would go into an economic free fall.

Many in the opposition feel it's time that Kirchner stop stepping around the economic failures by picking fights with other governments, concentrate on its own problems and start giving CPR to the national economy. However, Kirchner is allegedly busy laundering money and sending dollars to Switzerland by way of Venezuela and the Caymans.

BTW, who is the president of Argentina......Capitanich or Kicillof? It certainly is not Cuntlips Kirchner with all the hiding and lap sitting with the Castro brothers she is doing.

The new way to make money in BsAs is to buy the dollars at the official rate....8.13 and sell it at the 12.55 blue rate.

As Argentina leaks U$ dollars at the rate of 200 million a day.........two months tops. How will they ever buy oil for heat this winter?
8 Fido Dido (#) Feb 05th, 2014 - 03:17 pm Report abuse
For all the idiots here, those 3 nations has little or zero a manufacturing industry, with exceptional Mexico that has the 3rd largest manufacturing in the American continent behind 2nd Brazil, 1st US (though it's shrinking because of outsourcing. Mexico is highly dependend on the US and Chile, Peru and Colombia are small economies higly based on commodities. The so called Pacific alianze or whatever you want to call it, is just a begin for the TPP (Trans Pacific Pact) wich is a win for US corporations such as Monsatan and the Pharma industry, while nations lose their sovereignity. It is NAFTA on steroids and who takes a good look, it does not benefit Mexico at all..neither the US..look at Detroit and other US cities that are falling apart.
9 CabezaDura2 (#) Feb 05th, 2014 - 03:29 pm Report abuse
8)
yeahhh......Stupid of them not to join MIERDAsur !!
10 Britworker (#) Feb 05th, 2014 - 04:46 pm Report abuse
Do you think there will be a declaration supporting Argentinas pretentions over the Falkland Islands at the conclusion.

I REALLY DONT THINK SO!
11 Jack Bauer (#) Feb 05th, 2014 - 05:05 pm Report abuse
@ 1..“”The bolivarian countries are lefties terrorist and need to be control or deal with, bring the military back to clean the house“”.
@ 4 . “”This forum only talk of fantasy what we need are regime change in the bolivarian countries”....
Cornelius, not too sure what you're trying to get at....if, by Bolivarian countries, you are referring specifically to Bolivia and Venezuela, I agree.
However, if by Bolivarian countries you mean the countries that have formed the Pacific Alliance, a couple of which S.Bolivar was active in during early 1800's, I don't know what you mean,,,care to clarify ?
12 Conqueror (#) Feb 05th, 2014 - 06:29 pm Report abuse
@5 Strange how the FTAA still exists then. There are 34 standing members.

But it's good to see that:

It will not dialogue with the UK or the Falklands.

It will not trade with the EU.

It will not sign bilateral deals with the USA.
Still on your isolationist trip, eh, boy. We're so pleased. Does that mean you won't be wanting those LPG shipments? Won't be wanting any U.S. companies involved in your gas/oil extraction, will you?

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