“This is the first meeting New Zealand has attended since being granted observer status to the fast-growing Latin-American economic bloc known as the Pacific Alliance, which includes Mexico, Chile, Colombia and Peru,” says Groser.
The Pacific Alliance was formed in April 2011, with the aim of facilitating regional eonomic integration in a way that complemented existing bilateral agreements between members.
The current grouping brings together a population of 215 million and combined GDP of more than US$2 trillion. Together, Mexico, Chile, Colombia and Peru account for 25 percent of the GDP of Latin America and the Caribbean and represent more than half of the region’s trade.
New Zealand already works closely with Mexico and Peru in the context of the Trans-Pacific Partnership negotiations and APEC and share with all members the goal of Asia-Pacific economic integration.
“The visit will provide an opportunity to build on the momentum of the Prime Minister’s recent visit to Latin America. Alongside the Alliance, there will also be a business summit which will provide a forum to engage with business leaders from the region,” Groser says.