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Canada Pacific Alliance Free Trade Agreement

As soon as an agreement is reached, it will be published at the same time as a national interest analysis. The agreement is also subject to parliamentary review of contracts, ratified by the government and eventually entered into force. The following countries are full members who become full members or observers. On April 28, 2011, former Peruvian President Alan Garcia organized a meeting with the presidents of Chile, the Republic of Colombia and Mexico. This group of political leaders edited the Declaracion de Lima, a Memorandum of Understanding for the creation of the Pacific Alliance. [6] The alliance`s initial objective was to promote free trade with a “clear orientation to Asia” and economic integration. [7] At the 7th Pacific Alliance Summit in Cali, Colombia, on May 22, 2013, Costa Rica signed a trade agreement with Colombia, and the summit was then approved by all founding members for full membership. [9] Costa Rica is ending the process so that it can easily be admitted as the fifth member of the Alliance. During the same summit, seven observers were admitted: the Dominican Republic, Ecuador, El Salvador, France, Honduras, Paraguay, Portugal, among others. [10] Argentine President Mauricio Macri, during his election campaign and in post-election press conferences, expressed his desire to bring his country closer to the Pacific Alliance and also to work towards the integration between the bloc and the Mercosur trading bloc of his country. [33] One of New Zealand`s objectives for an agreement on the Pacific Alliance is to secure the commitments of Chile, Mexico and Peru, which build on existing agreements (including the CPTPP); a first high-quality free trade agreement with Colombia; progressive trade principles, as the government consults with New Zealanders on the development of a “Trade for All” agenda. Ecuador has criticized the alliance in collaboration with other ALBA leaders,[22] but its president Rafael Correa has also speculated on a possible future offer if integration progresses in areas other than trade. [23] The Pacific Alliance is a trading bloc that is to become the largest in Latin America.

It consists of four countries: Chile, Colombia, Mexico and Peru. The alliance was formed following the Lima Declaration, signed on April 28, 2011, when then-Peruvian President Alan Garcia took the initiative to invite his counterparts in Chile, Colombia, Mexico and Panama to “deepen integration between these economies and define joint actions for trade relations with the Asia-Pacific region on the basis of existing bilateral trade agreements between the parties.” The Mexican stock exchange began to integrate into MILA and its full integration was planned for 2014.

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