Pacific Alliance

Definition

The Pacific Alliance is an economic and political agreement between Chile, Colombia, Mexico, and Peru to foster integration among these Latin American countries, aiming to boost their economies through free trade and reduce barriers. It also seeks to enhance competitive advantages in a global context by increasing the flow of goods, services, resources, and people among member states.

Related terms

Free Trade Agreement (FTA): An agreement between two or more countries to reduce trade barriers like tariffs and import quotas to promote increased trade between them.

Economic Integration: A process whereby countries remove barriers to trade among themselves and move towards lower or no tariffs, facilitated by agreements like the Pacific Alliance.

Global Governance: The cooperation among nations through international organizations and multilateral agreements to manage global issues and promote peace, security, and prosperity worldwide