Ref: Pacific Alliance (PA)
On July 8, the Presidency of the Republic announced its decision to resume the process for Costa Rica to join, through negotiations, the Pacific Alliance bloc of countries, currently comprised of Chile, Colombia, Mexico, and Peru. In addition, a month ago, government officials had already expressed their intention to begin talks to negotiate a Free Trade Agreement with Ecuador. After eight years of hiatus, Costa Rica's trade policy has taken a significant turn.
More than just a free trade agreement, the Pacific Alliance is a mechanism for political, economic, and cooperative integration that seeks to boost the growth and competitiveness of its member countries. To achieve this goal, the member countries rely on the free movement of goods, services, capital, and people.
Since its inception, Latin America's largest trading bloc has sought to establish a presence, through joint and coordinated work, in the Asia-Pacific region, one of the regions with the greatest growth and opportunities in the global economy.
Although we have spent many years mired in political indecision, it's never too late! We hope that Costa Rica's entry into the PA will help balance the scales and boost membership, which currently consists of four Latin American countries with left-wing governments.
If you have any questions or require advice on any other topics, please contact us. costarica@catradeconsulting.com
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