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Pacific Alliance Flag

Jun 16, 2017

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Overview

"The Alianza del Pacífico (Pacific Alliance) is a Latin American trade bloc, with some features of further integration (like migration, inter industrial trade, etc.) It currently comprises 50% of Latin American exports. On 28 April 2011, former president of Peru, Alan García organized a meeting with the presidents of Chile, Colombia, and Mexico. This group of political leaders issued the Declaracion de Lima, a statement of intent to establish the Pacific Alliance. The initial goal of the alliance was to further free trade with "a clear orientation towards  Asia", and economic integration. One of the results of this economic integration is the MILA (Mercado Integrado Latinoamericano. or Latin American Integrated Market) established on May 30, 2011, which is a program that integrates the stock exchange markets of Chile, Colombia, and Peru. The three founding members are the Lima Stock Exchange, the Santiago Stock Exchange, and the Colombia Stock Exchange. On September 2009, an agreement was signed by the Colombia, Lima, and Santiago Exchanges, to create a unique market, with the objective to unite the equity trading platforms and in this way concentrate a bigger number of issuers, investors, and intermediaries. The formal ceremony was held in the location of BVL in Lima. The MILA started officially operations on May 30th, 2011 as the second biggest market of Latin America in market capitalization with US$ 720 billion, and the third largest market in trading volume in the region with US$87,000 million a year."