Colombia’s Congress on Tuesday ratified an agreement made with Mexico, Chile and Peru to form the Pacific Alliance, a trade bloc that seeks to strengthen economic integration of partners.
The Pacific Alliance’s framework agreement that was agreed upon by the majority of the House of Representatives will now be taken to President Juan Manuel Santos for final approval after which Colombia’s Constitutional Court will test its compliance with the country’s constitution.
The framework agreement was signed by the heads of state of the Alliance’s member nations in June 2012. It defines the framework and primary goals of the alliance of the four Latin American countries’ commercial integration.
The trade bloc is made up of some of Latin America’s largest economies. The gross domestic products (GDP) of Mexico, Chile, Colombia and Peru combined make up more than one third of the GDP of Latin America as a whole.
Sources
- Cámara de Representantes aprueba Acuerdo Marco de Alianza Pacífico (Caracol Radio)
- Acuerdo Marco de Alianza Pacífico pasa a sanción presidencial (ColPrensa)
- Alianza del Pacifico (Wikipedia)