Even amid hard times the Pacific Alliance has shown strength and economic dynamism and constitutes a development opportunity generating tool, Peruvian President Ollanta Humala affirmed on Friday.
The Head of State presided over the ceremony marking the symbolic launching of the Additional Protocol to the Pacific Alliance Framework Agreement.
"In the regional context, the Pacific Alliance is the model displaying greater economic dynamism even amid hard times [...]. When it rains, everyone gets wet, but Pacific Alliance members are showing strengths and determination […]," Mr. Humala said.
The said protocol liberalizes 92% of the tariff universe for the benefit of member-economies.
In this sense, the top official highlighted such dynamism and growth enable the group to become Latin America's most active integration space.
Starting May 1st, total tariff exemption will enable member countries to export and import 92% of products at zero State costs. In the case of the remaining 8%, tariffs will be gradually reduced over the medium term.
"The Pacific Alliance is a tool that generates development opportunities for member States, and that is the message for observer States [...]. It’s an economic space that facilitates free trade […]," the Peruvian leader stressed.
As is known, the Pacific Alliance is a regional integration mechanism reuniting Chile, Colombia, Mexico and Peru created on April 28th, 2011.
It promotes the free transit of capitals, services and people, as well as cooperation within the region.
Member countries signed the Framework Agreement under Peru’s Pro-Tempore Presidency.
The President was joined by Ministers of Finance Alonso Segura, Foreign Trade and Tourism Magali Silva and Foreign Affairs Ana Maria Sanchez.
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Published: 4/29/2016