Pacific Alliance offers tremendous opportunities

Cu Chi Loi, Director of the Institute of American Studies, described Latin America as a dynamic region with plenty of investment opportunities. The PA currently ranks 8th among the world’s largest economies, with its export value ranked 7^th globally, he noted.

Chilean ambassador to Vietnam Fernando Urrutia in turn emphasized that the PA creates an open economy that gives priority to eliminating trade barriers and advancing global integration.

At present, some PA members, along with Vietnam, are actively participating in the Trans-Pacific Partnership (TPP) negotiations, he added.

For his part, Mexican ambassador Gilberto Limon Enriquez said the PA is considered a highly effective organisation, promoting trade liberalization and global integration setting the stage for stronger links between Latin America and the Asia-Pacific region.

It has laid a solid foundation for cooperation among its member countries in various fields, such as environment, climate change, science-technology, and social development, he added.

Other issues raised for discussion also covered opportunities, challenges, and commitments of the PA, as well as its influence on countries in the Western Pacific region, including Vietnam, China, and Japan.

Established in 2012, the PA aims to fully develop into an integrated economic unit of the Latin American region, with a closer connection with Asia-Pacific countries.

The PA has drawn due attention of many countries around the world, and currently has 30 observers, including the US, Canada, Australia, Japan, China, the Republic of Korea, the UK, and France.