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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.

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