Pacific Alliance and Mercosur sign agreement for greater cooperation

Global Business

Leaders of the Pacific Alliance and a South American regional group, Mercosur gathered in Mexico’s resort town of Puerto Vallarta to hold high-level trade talks this week.

CGTN’s Franc Contreras reports.

Against the backdrop of growing U.S. protectionism, the leaders of the Pacific Alliance – Colombia, Peru, Chile and host nation Mexico agreed to broaden its commitment with Mercosur.

Mexican president Enrique Pena Nieto summarized the agreement: “The alliance of the Pacific and Mercosur approved this day a joint declaration in which we endorse a commitment to free trade that favors social inclusion. We agree to explore new cooperation routes to explore our economic and commercial relationship in areas of common interest.”

Presidents of the Pacific Alliance nations underscored the importance of building strong ties among Latin American economies.

“Integration in all senses. And this ratification of this concept has been so good for the Pacific Alliance but at the same time we have to unite the presidency, of the presidents of the Americas,” Peruvian president, Martin Vizcarra said.

The countries are looking to expand tourism in Latin America, build more sea and airports to transport merchandise built or assembled in the region and cooperate on immigration issues.

The Pacific Alliance was formed in 2011 and is one of the world’s largest regional trading groups.

The Mercosur bloc, comprised of Argentina, Brazil, Paraguay and Uruguay, along with the Pacific Alliance agreed on Tuesday to find new ways to work more closely together.

Australia, Canada, New Zealand and Singapore all joined as associate members of the Pacific Alliance last year. Another nation – South Korea – is also expressing interest, demonstrating that promoting trade is still high on the global agenda.