The integration strategy designed by the Pacific Alliance does not only consider trade as its foundation, but it also takes into account efficient and sustainable policies based on an inclusive perspective, Peru’s Finance and Economy Minister Alonso Segura affirmed.
During the Pacific Alliance Business Summit: "CEO Leadership Conference: Leading growth," held in Paracas city (Peru’s Southern Ica region), Minister Segura indicated this entails a "deeper" integration of the 4 economies comprised in the said bloc, under an inclusive perspective without leaving social challenges behind.
As well, he pointed out developing the said strategy will demand leadership and joint commitment between the public and private sectors.
"We are walking towards a new integration agenda, crafted according to the [current] economic and social situation at an international level," explained Segura.
The new strategy is based on 4 axes: financial integration, infrastructure promotion, catastrophic risk management and the fiscal management and transparency according to international standards.
Financial sector
The integration perspective needs to go beyond the stock-market in order to comprise sectors, such as: services, retail, energy and mining, the Minister affirmed.
Regarding infrastructure, he mentioned the challenge is to design and implement instruments to encourage the institutional investment flow and attract long-term investments, as well.
Concerning catastrophic risk management, the bloc works to implement mechanisms aimed at mitigating natural disasters risk through financial protection, among other measures.
With regard to the transparency and fiscal management, the Head of the portfolio said the Pacific Alliance works to reach the highest standards set by International Monetary Fund (IMF) and the Organisation for Economic Co-operation and Development (OECD).
"Pacific Alliance" brand
Currently, the bloc is developing the brand: "Pacific Alliance", as a result of the new strategy's integration results.
Fiscal transparency is essential to reinforce the credibility of the bloc and to become a model at the international level, he added.
The Pacific Alliance, composed of Mexico, Colombia, Chile and Peru, is an economic and trade integration mechanism that seeks to build a deep integration area to achieve free movement of goods, services, capitals and people; as well as to promote greater growth, development and competitiveness of its economies.
Furthermore, it is aimed at becoming an economic, trade integration platform with worldwide projection and special emphasis on the Asia- Pacific region.
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