The members of the Pacific Alliance have agreed to begin the negotiation process with the Republic of Korea as an associate state of that bloc during the first half of 2022.

They also signed the trade agreement with the Republic of Singapore which will become the first allied state of the Pacific Alliance, and announced the start of the process of including Ecuador as a full member of the Pacific Alliance.

With this new trade treaty, Singapore is expected to have a greater impact on trade with the Alliance countries, with measures such as eliminating tariffs and allowing more products to be exported from that country. Rogelio Ramírez de la O, Secretary of Finance and Public Credit (SHCP) represented the government of Andrés Manuel López Obrador to hold the presidency of the Pacific Alliance, held at the XVI Summit of Presidents of the Pacific Alliance, in Colombia.

Through a statement, the SHCP reported that the official highlighted that the country will promote the issues of post-pandemic economic recovery, gender equality, youth, sustainable management of plastics, regional digital market, creative industries, sustainable investment and financial integration.

Ramírez de la O claimed that the actions to be promoted “are part of the commitment to make the Alliance a more integrated, global, linked and civic mechanism.”

The meeting was attended by the President of Colombia, Iván Duque; of Chile, Sebastián Piñera, and of Peru, Pedro Castillo, countries that make up the Alliance. Also present were the President of Ecuador, Guillermo Lasso, and the Minister of Trade and Industry of Singapore, Gan Kim Yong, a country that has become the organization’s first associate state.

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In front of those present, the Secretary of the Treasury regarded the infrastructure projects and the public-private associations of the members of the Alliance as fundamental. (with information from Roberto Morales)

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