What is the Pacific Alliance?

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What is the Pacific Alliance?

The Pacific Alliance is a regional trade agreement formed by four Latin American countries: Chile, Colombia, Mexico, and Peru. It was established in 2011 with the aim of promoting economic integration, trade liberalization, and cooperation among its member countries. The Pacific Alliance seeks to enhance economic growth, increase competitiveness, and attract foreign investment by eliminating trade barriers, harmonizing regulations, and fostering closer economic ties. It also aims to strengthen political and diplomatic relations among its members. The Pacific Alliance has a combined population of over 230 million people and represents the eighth-largest economy in the world. It has pursued various initiatives, including the elimination of tariffs on 92% of goods traded among member countries, the facilitation of customs procedures, the promotion of entrepreneurship and innovation, and the development of joint infrastructure projects. The Pacific Alliance has also engaged in dialogue and cooperation with other countries and regional blocs, such as the European Union and the Association of Southeast Asian Nations (ASEAN), with the goal of expanding its trade relations and global influence.