Pacific alliance to enforce economic integration

The president of Colombia, Manuel Santos, said the alliance is preparing for the full integration of the stock markets in member countries.

Pacific alliance to enforce economic integration

World Bulletin / News Desk

The ninth Pacific Alliance Summit concluded with the commitment of member countries Colombia, Chile, Mexico and Peru to enforce economic and social integration.

The 9th Pacific Alliance Summit reunited member countries presidents along with 32 watching member countries in the state of Nayarit.

The Pacific Alliance was formed in late April 2011 to promote regional integration and economic and social development. Since its formation eight meetings have taken place.

“I’m pleased to give to Mexico the temporary presidency of the Alliance. It has been a very productive year, since Colombia took the presidency in May 2013,” said Juan Manuel Santos, President of Colombia.

“We have advanced in education, movement of people and economic integration. Many countries are talking about the alliance as a good practice model.”

Santos stressed that the alliance has eliminated 92 percent of the customs barriers between member countries allowing an increase in the interchange of products and services in the last year.

He also revealed that the alliance is preparing for a full integration of the stock markets of these countries, although this integration exists but operates under local laws.

The Mexican president, Enrique Pena Nieto, assured that as the new head of the Pacific Alliance, he will concentrate in free movement of people, capital, goods and services, as well as greater cooperation among member countries.

“It is time to take the Pacific Alliance to a second stage of development. This alliance has great potential in promoting development for our countries,” he said.

Meanwhile, the Chilean president, Michele Bachelet, said her government has defined an ambitious reform agenda for their country in the political arena, and in social development reforms to increase the presence and competitiveness of Chile on the international scenario.

The Mexican president said that he expects the summit to allow Colombia, Chile and Mexico to access a new phase “similar to what Colombia and Chile have achieved in the World Cup in Brazil.”

Mexico will take over the presidency from Juan Manuel Santos, president of Colombia and preside over the Pacific Alliance for the rest of 2014 and Peru will take over the presidency in 2015.

Last Mod: 21 Haziran 2014, 10:10
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