The Emergence of the Pacific Alliance and Implications for Korea

In June 2012, four Latin American coun-tries on the Pacific coast (Chile, Colombia, Mexico, and Peru) declared the establish-ment of a new economic integration initia-tive within the region, and consequently launched the Pacific Alliance. Since then, it has been making rapid progress and is ex-pected to open up new horizons in regional economic integration. Under recent circum-stances in which existing regional commu-nities, such as MERCOSUR (Southern Cone Common Market) and ALBA (Boli-varian Alliance for the Peoples of Our America), are faltering, the Pacific Alliance draws increasing attention from the world as it advocates open regionalism. Of the member countries of the Pacific Alliance, all four have already signed FTAs. The intention of these countries, however, is to deepen existing economic integration through the Pacific Alliance. Narrowing geographical distance by working on the joint project of transportation infrastructure and eliminating cross-border visa require-ments to encourage freer movement of hu-man resources are key pillars of their plan.

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