The Pacific Alliance must improve integration of financial systems to spur investment in key areas such as infrastructure, finance ministers from the four member nations said on Thursday. The group, composed of Colombia, Mexico, Chile, and Peru, has already reached several accords in areas such as free commerce and immigration rules, but admitted that significant opportunities for integration remained.
Six Latin American leaders and a president-elect will be participating in the two day Pacific Alliance business forum and presidential summit hosted by Chile and beginning on Thursday.
The Pacific Alliance under the helm of Chile, beginning next July first will reach out for closer links with Mercosur, particularly since Argentina's decision to join the block as an observer. The Argentine decision to join the Pacific Alliance as an observer fully harmonizes with Chile's strategy of making both blocks converge, according to Andres Rebolledo, head of Chile's Directorate of International Economic Relations.
Canada became the first observer country to enter into a strategic partnership with the Pacific Alliance. Chrystia Freeland, minister of International trade and ministers of the four countries of the alliance—Chile, Colombia, Mexico and Peru—signed a joint declaration today in Mexico City.
Argentine president Mauricio Macri said Mercosur needs a greater integration dynamics and defended the idea that the Atlantic regional block country members work to reach agreements with countries of the Pacific Alliance.
The use of antibiotics in the Chilean salmon industry reached 557 tons in 2015, according to the latest report of the National Fisheries and Aquaculture Service (SERNAPESCA), a figure consolidating the tendency to their intensive use over the past five years.
The Alliance of the Pacific approved Argentina's request to join the group as an observer country, signaling a new turn in president Mauricio Macri's foreign policy. The announcement was made by Chile's foreign minister Heraldo Munoz following the Alliance's Ministers Council in Mexico City in anticipation of the summit scheduled for July first.
More than 27,733 tons, equivalent to 72% of the total salmon mortality caused by algae bloom, have been removed from the farms affected by this contingency, Chile's National Fisheries and Aquaculture Service (Sernapesca) informed. In a new report on the emergency affecting the salmon farming industry in the Chilean southern region of Los Lagos, Sernapesca pointed out that 38 farms have been affected by microalgae bloom in the Concession Groups (ACS) 1, 2, 3A, 6, 7, and 10B, with a total mortality amounting to 23.8 million fish, equivalent to more than 38,500 tons.
The Pacific Alliance Additional Protocol becomes effective next May first, which means 90% of trade between Chile, Peru, Colombia and Mexico will be free of tariffs, while the remaining will be subject to gradual tariff liberation chronogram, according to Andres Rebolledo, head of Chile's International Economic Relations Department, Direcon.
Pacific Alliance members' commitment to maintaining solid and orderly public finances, in a changing global economic environment is crucial to continue to attract investments, said Chile's Finance minister Rodrigo Valdes currently in New York with his peers from Peru, Colombia and Mexico, to promote the region.