Unofficially it was created in 2011, after Peru’s initiative. Former Peruvian president Alan García designed an alliance that will create a deep regional integration, which will allow a free movement of goods, services, capital and people.
Additionally, the alliance served as a supplement for the bilateral trade agreement between the four countries, and the economic bloc created a way to efficiently network, negotiate and trade with other economies as a united group, especially with Asia.
Before the first signed declaration, in 2010, during the Ibero-American Summit the presidents of Colombia, Chile, Peru and Mexico ordered their then ministers to develop a common roadmap for their deep integration objective. The first meeting took place in Lima, Peru on April 28, 2011, where the four member countries signed the Lima declaration, a declaration that defined the alliance’s objectives and major areas of work. During the third virtual summit on March 5, 2012 the presidents presented the progress and growth made in various areas and tackled many other to work on. In this third summit the future candidates, Costa Rica and Panama, gained their title of observers. It was not until the fourth meeting in Chile, on June 6th, 2012 when the alliance became official with the signature of the Pacific Alliance Framework Agreement. This Framework Agreement is a legal binding instrument that enables the creation of an institutional basis, defines the objectives and establishes future requirements for negotiation and participation of other regional countries. Remarkably the alliance gained global recognition in just over 4 years based on all its achievements and economic potential.
Sources
Icetec Ltda. (2018). Alianza del Pacifico. | El poder de la integración. Retrieved from https://alianzapacifico.net/
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