The Pacific Alliance
The Pacific Alliance follows an approach to regionalism framed as open regionalism, it enhances the free movement of economic factors: capital, goods, services and persons and makes regional integration instrumental to the members’ insertion into the global economy.
The basic objectives of the Pacific Alliance are:
- Constructing in a participatory and consensual manner a deep integration area to advance progressively towards the free circulation of goods, services, capital and persons;
- Boosting growth, development and competitiveness of the state members’ economies with a view towards welfare, reduction of socioeconomic inequality and social inclusion for their people;
- Becoming a platform for political articulation, economic and commercial integration, in order to cast those strengths to the world and especially towards the Asia Pacific region;
Two instruments rule the legal basis of the Pacific Alliance: the Framework Agreement of the Pacific Alliance, signed by the state parties on the 6 June 2012, and the Additional Protocol to the Framework Agreement of the Pacific Alliance (the Commercial Protocol) signed by the parties on 10 February 2014.
The first agreement sets the core of the integration scheme in terms of the underlining principles, approach to regionalism and objectives. The second agreement regulates various disciplines in the establishment of a free trade area among the members that include: market access provisions, rules of origin, transparency, trade facilitation, government procurement, trans-border trade in services, technical barriers to trade, sanitary and phytosanitary measures and investment provisions. The Framework agreement entered into force on 20 July 2015. The Protocol is still in the incorporation process by the members.
Observer Candidate countries: Costa Rica, Panama
Observer Countries: Uruguay, Paraguay, Ecuador, Panama, El Salvador, Costa Rica, Dominican Republic, Guatemala, Honduras, the United States, Canada, New Zealand, Australia, South Korea, Japan, Popular Republic of China, Turkey, France, Spain, Portugal, Trinidad and Tobago, Morocco, India, Israel, Singapore, United Kingdom, Switzerland, Italy, Germany, Finland, Belgium, Netherlands, Austria, Denmark, Georgia, Greece, Haiti, Hungary, Indonesia, Poland, Sweden, Thailand (42 countries in total)