Members of the Pacific Alliance signed a free trade agreement

Chile, Colombia, Mexico and Peru, members of the Pacific Alliance, reached an agreement for financial support yesterday through their representatives during the eighth summit that was held by the organism.

After signing the denominated Additional Protocol for the liberalization of goods, services and investment, the above-mentioned countries  plus Costa Rica, which requested its integration, will benefit from a free trade agreement, which covers 92% of the products sold between the four countries.

“This Alliance has what the world needs, we believe in free trade, we believe in investing, we believe in entrepreneurship, always promoting equality in our countries, the eradication of poverty,” said Juan Manuel Santos, President of Colombia.

Regarding Ecuador, the economic analyst and professor at the School of Business ESPAE, Xavier Ordeñana, the agreement could affect the country, as it is has not joined the alliance “for ideological reasons.”

“It is a disadvantage because our neighbours who produce similar products to ours, will have preferences with that agreement,” he said.