Friday, November 28, 2014

The Pacific Alliance and MERCOSUR Represent More than 80% of Regional Foreign Trade

The Pacific Alliance (PA) and the Common Market of the South (MERCOSUR) combined represent more than 80% of regional foreign trade as well as population, and more than 90% of Gross Domestic Product (GDP) and direct foreign investment flows, according to a new report by the Economic Commission for Latin America and the Caribbean (ECLAC). The Pacific Alliance and MERCOSUR. Towards Convergence in Diversity (Spanish only) was released today to the governments of the continent as a contribution to the seminar “Dialogue on Regional Integration: The Pacific Alliance and MERCOSUR,” which took place in Santiago, Chile, organized by the Chilean Ministry of Foreign Relations.

The report stresses that, between the two groups, their member states account for the seven biggest economies of Latin America and the Caribbean, according to GDP (in 2013, in descending order): Brazil, Mexico, Argentina, Colombia, Venezuela, Chile and Peru. The Pacific Alliance (PA) is composed of Chile, Colombia, Mexico and Peru, while MERCOSUR is formed by Argentina, Brazil, Paraguay, Uruguay and Venezuela.

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