Latin American trade bloc in spotlight

Ambassadors from Chile, Colombia, Mexico and Peru are on campus today for the Pacific Alliance Forum at the Australian National Centre for Latin American Studies (ANCLAS).

The Forum will bring together academics and government representatives to discuss the Pacific Alliance, a strategic agreement between the four countries to pursue trade and investment relations with the Asia Pacific.

ANCLAS Director Dr John Minns said Australia should be looking to strengthen its relationship with Latin America.

“This forum signals the increasing orientation of much of Latin America to the Asia Pacific,” he said.

“It is to Australia’s advantage to make the most of this shift in global relations.

The Parliamentary Secretary for Trade, the Hon Mr Kelvin Thomson, will participate in the forum to address Australia’s role in, and reactions to, the Pacific Alliance.

The forum will discuss, among other topics, trade liberalisation between the regions, investment opportunities, migration, and the integration of financial markets.

According to the International Monetary Fund, the Pacific Alliance represents the ninth largest economic bloc in the world and accounts for 39 per cent of Latin America’s GDP and 55 per cent of its exports.

Costa Rica, Guatemala, Panama, and Uruguay are official observers to the Pacific Alliance and are candidates for future membership.