PA Seeks to Strengthen Economic Cooperation & Integration Among its Members

(Top photo, from left): His Excellencies Nathan Wolf (Mexico), Manuel G Talavera (Peru), Mauricio Baquero (Colombia), James Sinclair (Chile) and Peter Govindasamy from Singapore Ministry of Trade & Industry

PA is a strategic platform for in-depth economic and commercial integration with a clear focus on the AsiaPacific region. It was founded six years ago by Chile, Colombia, Mexico and Peru. Currently Australia, Canada, New Zealand and Singapore are seeking ‘Associate Country’ status in the Alliance.

The above mentioned four Latin American embassies here together with IE Singapore organised a seminar on Trade and Investment Opportunities with the PA on 28th September 2017. Along with the ambassadors, the seminar speakers also included HE Peter Govindasamy, Director of International Trade Cluster, Singapore Ministry of Trade and Industry and Chief Negotiator Free Trade Agreement PA and Singapore.

They presented a formidable case for the future of the Alliance. Taken as an economic block the countries of the PA make up almost 40% of the GDP of Latin America with a total population of almost 220 million. The average GDP per capita in the PA is over US$17,5000 measured in “purchasing power parity”. The majority of its population is young and the PA is a market that is increasing dynamically with its constantly growing purchasing power. Over the next five years, economists envisaged that as a bloc PA will rank fourth in its contribution to the world’s growth.

The individual speakers and panel members spoke on the many competitive advantages offered by the PA and how it permits the free movement of goods, services, people and capital in the member countries. EY has published the excellent Pacific Alliance Business and Investment Guide which can be found at http://www.rree.gob.pe/ sitepages/guias.aspx or click here to view or download a copy.

(Seated from left): Peter Hill (Hon. rep for IE Singapore in Chile & moderator), Mr Raja Saoud (Olam), Ms Yvonne Koo (PIL) and Mr Gustavo Davis (Crimson Logic)