The Pacific Alliance is a free trade agreement signed by several Latin American countries in 2011. The agreement aims to promote economic integration and cooperation between the participating countries, which include Chile, Colombia, Mexico, and Peru.
One of the key components of the Pacific Alliance is the Framework Agreement, which outlines the objectives, principles, and mechanisms for cooperation and integration between the member countries. The Framework Agreement was signed in 2012 and has since been the cornerstone of the Pacific Alliance`s efforts to promote economic growth and development in the region.
The Framework Agreement establishes several key principles that guide the Pacific Alliance`s activities. These principles include the promotion of free trade and investment, the strengthening of economic ties between member countries, and the development of regional infrastructure and connectivity. The Agreement also promotes social and environmental sustainability, as well as the protection of intellectual property rights.
Under the Framework Agreement, the Pacific Alliance has established several mechanisms for cooperation and coordination between member countries. These include the creation of working groups focused on specific areas of interest, such as trade, investment, and innovation. The Alliance also facilitates exchanges between businesses, academic institutions, and other stakeholders, in order to promote collaboration and knowledge sharing.
The Pacific Alliance has achieved significant progress in its efforts to promote economic integration and cooperation between its member countries. For example, the Alliance has eliminated tariffs on 92% of the goods traded between member countries and has established a unified visa system for tourists visiting the region. The Alliance has also signed several agreements with countries outside the region, such as Australia, Canada, and Singapore, which further promote economic ties and cooperation.
While the Pacific Alliance has faced some challenges in recent years, including political unrest in some member countries and the economic impact of the COVID-19 pandemic, the Framework Agreement remains a crucial tool for advancing the Alliance`s goals. By promoting free trade and investment, fostering collaboration and innovation, and prioritizing social and environmental sustainability, the Pacific Alliance is working to build a more prosperous and integrated Latin America.