ABSTRACT

Pacific Alliance: A Trade Integration Initiative in Latin America [October 2, 2014]   [open pdf - 483KB]

"The Pacific Alliance is a regional integration initiative formed by Chile, Colombia, Mexico, and Peru on April 28, 2011. Its main purpose is for members to form a regional trading bloc and forge stronger economic ties with the Asia-Pacific region. Costa Rica and Panama are candidates to become full members once they meet certain requirements. The United States joined the Alliance as an observer on July 18, 2013. The United States has free trade agreements with all four countries and has significant trade and foreign policy ties with the region. The Pacific Alliance is of interest to Congress because of the role of the United States as an observer country and also because of the strong linkages between the United States and the member countries. It may also be of interest to Congress in the context of the ongoing negotiations for the proposed Trans- Pacific Partnership (TPP) agreement. Three of the four Pacific Alliance member countries are participating in the TPP negotiations. The Alliance was officially created when the heads of state of Chile, Colombia, Mexico, and Peru signed a 'Presidential Declaration for the Pacific Alliance', now known as the Lima Declaration. The objectives are to build an area of deep economic integration; to move gradually toward the free circulation of goods, services, capital, and persons; to promote economic development, regional competiveness, and greater social welfare; and to become a platform for trade integration with the rest of the world, with a special emphasis on the Asia-Pacific region. One of the requirements for membership is that a country must have free trade agreements with all other member countries."

Report Number:
CRS Report for Congress, R43748
Author:
Publisher:
Date:
2014-10-02
Series:
Copyright:
Public Domain
Retrieved From:
Via E-mail
Format:
pdf
Media Type:
application/pdf
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