In 2011, four Latin the American Countries (Chile, Colombia, Mexico, and Peru) created a regional economic integration initiative: The Pacific Alliance.
The Pacific Alliance has forty-two observer countries.
The objectives of the Pacific Alliance are:
To create an economic integration area between Chile, Colombia, Mexico, and Peru, seeking progressive free movement of goods, services, capital, and persons;
To achieve the economic growth and improve the competitiveness of their economies, seeking the welfare of the population mitigating inequality;
Being a platform at political level in the Asia-Pacific region.
The Pacific Alliance Countries:
214 million people;
GDP per capita: of 16,500 dollars;
Eighth world economy;
Eighth overall export block;
38% of the Latin American GDP;
50% of the Latin American Foreign Trade;
45% of the FDI inflows in Latin America and the Caribbean.