Pacific Alliance Council of Ministers Meets in Mexico

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SE REÚNE EN MÉXICO EL CONSEJO DE MINISTROS DE LA ALIANZA DEL PACIFICO

The First Meeting of the Council of Ministers of the Pacific Alliance was held today at the Ministry of Foreign Affairs (MFA) in Mexico City. Chancellor Patricia Espinosa and Economy Secretary Bruno Ferrari met with foreign affairs and trade ministers from Chile, Colombia and Peru.

The Ministers were informed of the results of the 7th Meeting of the High Level Group held on August 23 and 24 in Puerto Varas, Chile and reviewed the progress of the Technical Groups towards achieving the commitments agreed in the IV Pacific Alliance Summit held earlier this year in Paranal, Chile.

The Council moved forward in defining the technical aspects of the initiative. It also opened a forum with Tourism leaders from member countries who signed a Cooperation Agreement to promote tourist flows and activities between countries.

The Meeting also installed the Business Council of the Pacific Alliance and witnessed the signing of the Council's Articles of Agreement. The Business Council is made up of 14 senior business people from the four nations and seeks to further integration from the private sector.

The Third Meeting of the Promotion Agencies of the Pacific Alliance (Proexport of Colombia, ProChile, ProMéxico and Promperú) was also held.

Luis Téllez, president of the Mexican Stock Exchange, presented a report to the Council of Ministers on the headway made on Mexico's eventual participation in the Latin American Integrated Market (Mercado Integrado Latinoamericano, MILA), currently involving Chile, Colombia and Peru.

The meeting ended with the launch of the gastronomy fair "Flavors of the Pacific Alliance", in Mexico City's Hilton Hotel. For the next ten days visitors will be able to sample the culinary creations of renowned chefs from the four countries.

The Pacific Alliance is a process of deep integration whose objectives are to build an area of regional integration which moves progressively towards the full freedom of movement of goods, services, capital and people; to promote the growth, development and competitiveness of member economies and become a world platform for advancement towards Asia-Pacific.

For Mexico, the Pacific Alliance partners represent a growing market of 93 million inhabitants. In 2011, the Alliance as a whole received exports from Mexico to the value of US$8.991 billion, making it the third largest Mexican export destination in the world, behind only the US and Canada.

Mexican Foreign Direct Investment in Alliance countries amounts to more than US$23 billion, 31.5% of the total Mexican FDI in Latin America.

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