Pacific Alliance boosts cooperation with ASEAN
Forging partnership with ASEAN is among priorities of the Pacific Alliance amid global integration, as heard at the bloc’s summit in Bogota, Colombia, on December 15.
Illustrative image (Source: Shutterstock)Hanoi (VNA) – Forging partnership with ASEAN is among priorities of the Pacific Alliance amid global integration, as heard at the bloc’s summit in Bogota, Colombia, on December 15.
At the meeting, trade and foreign deputy ministers from four Pacific Alliance members – Mexico, Chile, Colombia and Peru – discussed measures to implement cooperation with ASEAN in line with the ASEAN-Pacific Alliance Framework for Cooperation signed in New York in late September.
They also acknowledged progress made by the bloc in diplomacy and business management and agreed to stimulate ties with observer states and partners in the region.
GDP generated by the Pacific Alliance accounts for almost 40 percent of total GDP of the Latin American region, with an annual average growth of 4 percent. The bloc’s export revenue hit 445 billion USD on a yearly basis, making up 55 percent of the figure of the entire region.
ASEAN’s GDP totals 2.5 trillion USD compared to 2.1 trillion USD generated by the Pacific Alliance. The two blocs offer a combined market of 850 million consumers, which produce 10 percent of the global trade turnover.
Members of the two are also partners in many international cooperation mechanisms, such as the Asia-Pacific Economic Cooperation (APEC) and Trans-Pacific Partnership (TPP).-VNA
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