The Pacific Alliance: The start of something great
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23rd May 2013

Enthusiasm surrounded the formation of the Cali summit, but short-term benefits may not be much.
Presidents from the four constituent countries of the Pacific Alliance – Chile, Colombia, Mexico, and Peru – converged on the Colombian city of Cali today for the VII Presidential Summit of the Pacific Alliance. That alliance has attracted enthusiasm from across the Latin American spectrum, and not even the rain could dampen that feeling in the city today, as some of the region’s most dynamic economies came together to deepen their integration. The Alliance is largely perceived as the start of something great. Without a doubt, it will replace Mercosur as Latin America’s preeminent trade bloc. This owes to the group’s pragmatic foundation, and the quick pace at which the constituent economies have moved forward with integration.
The statistics and figures of this new bloc are truly impressive. The combined GDP of the four countries is nearly $2 trillion, which would make it the ninth largest economy in the world, behind Italy. Together, these countries represent 35 percent of Latin America’s production capacity, and  as a single entity, are number 16 in global trade, with almost double the exports of Mercosur – the region’s other major trade bloc comprising of Argentina, Brazil, Paraguay, Uruguay, and Venezuela. Their combined population is 207 million – an amount similar to Brazil. This would make it the world’s sixth most populous country.
Already, the group can count …

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