The representatives of Peru, Mexico, Colombia and Chile have concluded trade negotiations for Pacific Alliance, at the Ninth Ministerial Meeting of the Pacific Alliance, held in Mexico last month.
Peru’s Minister of Foreign Trade and Tourism Magali Silva Velarde-Alvarez, Colombia’s Trade Minister Sergio Diaz Granados, Secretary of Economy of Mexico Ildefonso Guajardo, Secretary of Foreign Affairs of Mexico José Antonio Meade, and Chilean Foreign Minister Alfredo Moreno have jointly concluded the trade negotiations, according to a statement from Peruvian Ministry of Foreign Trade and Tourism (MINCETUR).
However, the official announcement of the closure of trade negotiations will be made on September 25 at the Business Forum of the Pacific Alliance in New York, during the General Assembly of the United Nations, according to the statement.
“With the agreements reached at the meetings of the Pacific Alliance, Peruvian domestic firms can sell their products to public agencies of the countries of the alliance at all levels: local, regional and national levels,” said Peruvian Minister Silva.
The trade integration agreement has 21 chapters, which include chapters related to market access, rules of origin, trade facilitation, technical barriers to trade, sanitary and phytosanitary measures, services and investment and government procurement.
The participating countries acknowledged that the agreement will consolidate and deepen the potential of the countries of the Pacific Alliance and promote their relationship with the rest of the world.
According to MINCETUR, with the implementation of the Pacific Alliance trade agreement, 96 percent of Peruvian products will enjoy duty-free access in the Mexican market, compared to 82 percent of products getting the facility under the bilateral FTA.
The Pacific Alliance trade integration process covers 50 percent of the total trade in Latin American region. The four countries together account for 36 percent of total production in the region.
These countries together present a rapidly growing market with a combined population of 209 million.