Armenia granted an observer status in the Pacific Alliance
The Republic of Armenia was granted an observer status in the Pacific Alliance, a trade bloc of Latin American countries, the foreign ministry reported in a release. The decision was made at the 14th summit of the organization held in Lima, capital city of Peru.
The Pacific Alliance is a regional trade bloc launched in 2011 that includes Chile, Colombia, Mexico, and Peru as well as 55 observer states. Its main purpose is for members to form a regional trading bloc and forge stronger economic ties with the Asia-Pacific region.
The objectives are to build an area of deep economic integration; to move gradually toward the free circulation of goods, services, capital, and persons; to promote economic development, regional competitiveness, and greater social welfare; and to become a platform for trade integration with the rest of the world, with a special emphasis on the Asia-Pacific region. One of the requirements for membership is that a country must have free trade agreements with all other member countries.