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(Feb 18, 2014) The President of Mexico, Enrique Peña Nieto, with his counterparts the Presidents of Colombia, Chile, and Peru, signed an Additional Protocol to the Framework Agreement for the Pacific Alliance. The signing took place on February 10, 2014, at the closing ceremony of the 8th Pacific Alliance Summit, held in Cartagena de Indias, Colombia. The Protocol must be ratified by the legislatures of the four countries to take effect. (Eduardo Ortega, Firma Peña Protocolo Adicional al Acuerdo de la Alianza del Pacífico [Peña Signs the Additional Protocol to the Agreement for the Pacific Alliance], EL FINANCIERO (Feb. 10, 2014).)
The Presidents agreed on the gradual elimination of 100% of the tariffs on their goods and services exchanged: 92% will be eliminated immediately, 7% will be eliminated in the "short and medium term," and 1% will be eliminated over a longer time period. (Id.)
President Peña Nieto, who called the agreement "historic," said that this is the most innovative economic agreement that Mexico has signed since signing the North American Free Trade Agreement (NAFTA). (Id.) He added that the Protocol can achieve greater integration of a market of 210 million consumers and "undoubtedly will also contribute to greater integration of Latin America." (Francisco Reséndiz, México y 3 Países Liberan su Comercio [Mexico and Three [Other] Countries Liberalize Their Trade], EL UNIVERSAL (Feb. 11, 2014).)
Also during the 8th Summit, Costa Rica's integration with the Pacific Alliance was formalized, but the country must follow a roadmap established at the Summit before it can become a full member of the Alliance. (Id.)
The Framework Agreement, which formally established the Pacific Alliance, was agreed to by the four abovementioned countries in Antofagasta, Chile, on June 6, 2012. This legal instrument creates the institutional basis for the parties' regional political integration initiative; it defines the objectives of the initiative and provides the requirements for the future integration of other countries into the bloc. (The Pacific Alliance, 7th Summit of the Pacific Alliance (Cali, Colombia, May 23, 2013).) Mexico will assume the Presidency Pro Tempore of the Pacific Alliance at the 9th Pacific Alliance Summit that will be held in Nayarit, Mexico, next July. (Reséndiz, supra.)
|Author:||Norma Gutierrez More by this author|
|Topic:||Treaties and International Agreements/World Trade More on this topic|
|Jurisdiction:||Chile More about this jurisdiction|
|Colombia More about this jurisdiction|
|Mexico More about this jurisdiction|
|Peru More about this jurisdiction|
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Last updated: 02/18/2014