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Pacific Alliance Seeks to Strengthen Financial Integration

By Federico Mazzella ,
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Ministers of the economy and finance from PA member countries worked together to draft an action plan to consolidate the bloc’s economic and financial relations.

The 13th Meeting of Pacific Alliance Finance Ministers (link in Spanish) took place in Washington, DC, and was attended by Rodrigo Valdés (Chile); Mauricio Cárdenas Santamaría (Colombia); José Antonio Meade (Mexico); and Alfredo Thorne (Peru).

At the meeting, the ministers reviewed the progress made by the technical teams from the Council of Finance Ministers who are responsible for implementing the financial integration agenda set out in the Frutillar Declaration (link in Spanish) and the Puerto Varas Declaration (link in Spanish).

They began by discussing the drafting of a roadmap to implement a “passport for funds” that would allow funds to be distributed between the four markets once this had been authorized by one of the supervisors from the four countries. They also confirmed that they would begin to explore ways of deepening financial integration that might come from technologies that provide support for the financial industry (Fintech).

The ministers then agreed on the importance of promoting greater investment in infrastructure in the region and planned a meeting in Mexico to this end. They also agreed to hold a public/private workshop on trade in services in Santiago, at which they will discuss tax, customs, and financial barriers that currently limit service exports, with the aim of creating jobs and economic growth for the bloc.

Finally, those present celebrated the creation of a high-level public/private group that is responsible for regulating the relationship between the public and private financial sectors within the Pacific Alliance. The group held its second meeting (link in Spanish) a few days later in Lima.

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