From this Wednesday, Mexico will assume the pro-temporary presidency of the Pacific Alliance, with a prominent task to unlock several negotiations of trade agreements with that Latin American bloc.
A new aspect in this perspective is the accession of Ecuador to the Pacific Alliance, which the Ecuadorian government is projecting for 2023.
To change the pro tempore presidency of Colombia to Mexico, Ministers of Trade and Foreign Affairs of Mexico, Colombia, Chile and Peru will hold a meeting on January 26 in Bogotá.
At the end of April 2021, the Ministry of Economy stated that significant progress has been made in trade negotiations with Singapore, especially in the pending disciplines, so that it is expected to be completed in the short term.
In this way, Singapore would become the first associated state of the Pacific Alliance.
In the field of trade liberalization, the Presidents of the Pacific Alliance countries signed the Additional Protocol to the Pacific Alliance Framework Agreement on 10 February 2014.
The Additional Protocol immediately eliminated 92% of tariffs between members and then gradually dismantled the remaining 8% of tariffs over a period of seven years.
In terms of exchange of goods, Mexico’s tariff reduction with its three partners has benefited them more, taking into account the year before the Additional Protocol compared to 2021.
Comparing the first 11 months of 2013 with the same period in 2021, Mexican exports fell by 29.1% to Colombia, 2.6% to Chile and 14.9% to Peru.
On the contrary, Mexican imports from Colombia increased by 50.3%, those from Chile increased by 46.4% and those from Peru increased by 20%, in the same comparison.
On June 15, 2021, the 41st Meeting of the High Level Group (HLG) was held, on which occasion the Pro-Tempore Presidency in charge of Colombia reported that negotiations were underway with Singapore, Australia, New Zealand and Canada. .
In the case of Ecuador and Korea, the established agreement to advance in these negotiations is maintained, until they could conclude with the first bloc. Mexico, in turn, reported that progress is continuing in an FTA negotiations with Ecuador, which it hopes to conclude in the first quarter of 2022.
The Pacific Alliance is a regional integration initiative consisting of Chile, Colombia, Mexico and Peru.
The Alliance was created on April 28, 2011 in Lima, Peru 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, to promote the free movement of goods. facilitated. , services, capital and people.
The four members already have bilateral free trade agreements with each other and have agreed to coordinate efforts in development agencies, e-commerce, services and tourism.
Reference-www.eleconomista.com.mx