18:13 | Cartagena, Colombia, Nov. 09 (ANDINA).
Eight ministers of the four member countries of the Pacific Alliance (Colombia, Chile, Peru, and Mexico) advanced the theme of building a strong group to consolidate trade between their countries, as well as with third countries, and that of working together on the frontlines, so as to attract more investment and international tourism.
This was stated by Colombia's Minister of Trade, Industry, and Tourism, Sergio Diaz-Granados, at the beginning of the meeting which involved his counterparts from Chile, Peru, and Mexico, as well as the Colombian Foreign Minister, Maria Angela Holguin, and her counterparts of the said countries. The event took place today, in Cartagena.
In this context, the minister indicated that this integration initiative primarily aims at consolidating a strong group of countries, so that together, they can work towards the sustainable growth of their economies, which in turn, will generate jobs and prosperity for all inhabitants.
Minister Diaz-Granados reiterated the importance of the bloc, which has a population of 206 million people, a sum equivalent to the population of Brazil, and a GDP of USD 1.9 trillion, which accounts for 34% of all Latin America.
"Overall, the growth rate in GDP of the four countries was 5.8% in 2011," the minister said, noting the group's macroeconomic stability and its annual market scalability.
Last year, the Alliance generated half of all trade in the region, which is to say USD 534 billion dollars in exports and 518 billion in imports. Moreover, it received USD 48 billion in foreign direct investment (FDI), the Minister explained.
Additionally, the minister stated that through this process, which is open to other countries in the region, there will be an area of deep integration which will drive higher growth, development, and competitiveness in the participating economies, by way of the free movement of goods, services, capital and people.
This integration, he said, is part of the Colombia's agenda to internationalize its economy and, in particular, to move closer to Asia Pacific countries.
The conclusions of the meeting of the eight ministers will form part of the agenda of the presidents of the member countries, next week in Cadiz, as part of President Juan Manuel Santos' official visit.
(END) INT/EEP
Published: 11/9/2012