The Pacific Alliance (PA), composed Chile, Colombia, Mexico and Peru, aims to double trade volumes among member countries, Foreign Trade and Tourism Minister Eduardo Ferreyros affirmed on Thursday.
He also referred to the Inca nation's potential to expand negotiation level.
"Together, we are the eighth economy in terms of GDP, and the seventh regarding exports," the government official pointed out.
"However, trade among the four member nations stands at 4%. That's where we have huge growth opportunities," he explained.
This year, member-governments made effective the PA Trade Protocol; that is, an FTA in practical terms. The agreement grants zero-tariff to 92% of all products traded within bloc.
Said protocol also allows for accumulation of origin: combining member countries' supplies and intermediate products, in order to conclude manufacturing in one of them for later export to a third country.
"The Pacific Alliance holds the Trade Protocol, an innovative instrument for member nations' companies, particularly SMEs, to create productive chains and integrate into PA's major multi-Latin companies," he said.
Likewise, the Foreign Trade Head referred to President Pedro Pablo Kuczynski's participation in the Pacific Alliance Presidential Forum.
At said meeting, the Head of State highlighted Peruvian government's full support to bloc's progress, a tool to boost productivity and competitiveness.
In addition, Mr. Kuczynski said the trade bloc draws attention of 49 observer countries, both developed and emerging, by showing substantial progress in poverty reduction and improvement of citizens' life quality.
The meeting was also attended by Pacific Alliance Business Council's Peruvian member institutions: Association of Peruvian Exporters (ADEX) President Juan Varilias, Lima Chamber of Commerce Chairman Mario Mongilardi and National Society of Industries (SNI) Chairman Andreas von Wedemeyer.
(END) RGP/RGP/DHT/MVB