Differences between Colombia, Peru, Mexico and Chile, the four countries comprising the Pacific Alliance, have resulted in failed trade negotiations, reported newspaper Portafolio on Tuesday.
The Pacific Alliance is a trade block of Latin American countries on the Pacific coast, aiming to strengthen economic integration in the region and boast trade with Asia.
However, according to Portafolio, the differences between the four nations regarding issues of agriculture and financial services led to a breakdown of talks in Cartagena on July 30.
In an earlier meeting, the instruction given by the President’s of Peru, Colombia, Chile and Mexico was for their respective ministers to complete trade negotiations for the Pacific Alliance prior to June 30. This deadline has long passed.
According to Portafolio, it is the differences in the approaches of the deputy ministers of the four countries that is the issue.
In the case of Colombia, there are big differences with Mexico. These differences are related to the tariff reduction of 300 agricultural subheadings that the Mexican government does not accept.
The government’s of the four nations have agreed to a meeting in New York in September in an effort to complete trade negotiations.
Deputy Minister of Foreign Trade in Colombia, Gabriel Duque explained to Portafolio why he is optimistic about the possibility of an agreement at the September meeting, despite negotiations failing thus far.
“Of course we had the expectation of closing trade negotiations on the date indicated by the Presidents, but it was impossible.”
“We moved substantially but there remain outstanding issues. We are achieving a balance that works for us all,” explained Duque.
The deputy minister indicated that an agreement is close.
“We will soon be there, but we do not want to sacrifice time for quality” added Duque.