Costa Rica set to join Pacific Alliance — MercoPress
Costa Rica on the verge of joining the Pacific Alliance
Costa Rica may soon join the Pacific Alliance after the organization’s Council of Ministers on Thursday approved the Central American country’s request to start negotiations to join the regional bloc, we learned.
Mexican Foreign Minister Marcelo Ebrard handed his Costa Rican counterpart Arnoldo André Tinoco the group’s formal invitation to President Rodrigo Alberto Chaves Robles to attend the next summit to be held in Oaxaca next month.
The Pacific Alliance is a regional integration initiative that promotes the free movement of goods, services, capital and people between its member countries, with commercial projection in the world, mainly in the Asia-Pacific region.
“Costa Rica has free trade agreements with the current four members, to which it directs about 7.5% of its exports,” the San Jose Department of Foreign Affairs said in a statement.
“Foreign direct investment received from these countries represents about 7.7% of the total received during the period 2017-2021,” he added.
The Pacific Alliance was created in 2011 with the Lima Declaration. It seeks to create space for greater trade, in addition to political and economic integration between Mexico, Colombia, Chile and Peru.
Trade between Costa Rica and the four countries of the Pacific Alliance reached 2.458 billion US dollars in 2021, or 7.5% of the country’s total foreign trade.