The Pacific Alliance was conceived as a free trade area to allow its members to compete more effectively in the Asian economy. It has evolved from a free trade bloc of four Latin American states - Mexico, Colombia, Chile, and Peru – to a partnership with four associate members - Australia, Canada, New Zealand, and Singapore - and 49 observer states, all focused on expanding financial and economic integration to promote economic development. Although trade among the Alliance members is billions of dollars less than members’ trade with other states, this report by Michael Matera and David Bahamon for the Center for Strategic and International Studies suggests that the Pacific Alliance can emerge as the new global leader in multilateral partnership and innovation.
https://www.csis.org/analysis/potential-pacific-alliance-will-it-rise-challenges-ahead

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