The declaration is the first agreement of its kind to be signed by the Pacific Alliance and one of its observer nations. The signing of a joint declaration on partnership positions Canada as a privileged partner.
This agreement formalizes the Canada-Pacific Alliance relationship and provides a framework for longer-term collaboration on a broad range of issues of mutual interest. This will allow the development of concrete initiatives to support Canada’s and the Pacific Alliance’s economic players, especially small and medium-sized enterprises.
The declaration identifies six areas for increased cooperation between Canada and the Pacific Alliance: trade facilitation and promotion; education and training; small and medium-sized enterprises; science, technology and innovation; responsible natural-resource development and corporate social responsibility; and environment, including climate change and ocean conservation.
Over the next few months, officials will be working to identify opportunities in each of these areas to strengthen the relationship. On June 17, 2016, the Minister and Canada’s ambassadors to the Pacific Alliance countries will discuss new opportunities provided by the agreement at an event in Toronto hosted by the Canadian Council of the Americas.
The Pacific Alliance was launched in April 2011 to facilitate the free movement of goods, services, capital and people among the four member countries: Chile, Colombia, Mexico and Peru. The purpose of the Pacific Alliance is to promote greater competitiveness and economic growth for member countries, as well as to expand trade and investment ties with the Asia-Pacific region.
The four member countries collaborate in a number of areas, including the promotion of tourism, education, innovation, mining, gender issues and climate change. They have opened joint trade-promotion offices and participate jointly in trade shows around the world. In 2015 the stock exchanges of all four countries were integrated into a common market known as MILA (Mercado Integrado Latinoamericano).
The Council of Ministers of the Pacific Alliance comprises the international trade and foreign affairs ministers of each of the four Pacific Alliance members.
Canada became the first non-Latin American observer to the Pacific Alliance in October 2012. Canada has comprehensive and ambitious free trade agreements with each of the four Pacific Alliance countries.