Mexico Takes Over Presidency of Pacific Alliance

The Pacific Alliance met this week to discuss the promotion of economic activities in the region. During the meeting, Mexico assumed the presidency of the alliance.

“The Minister of Finance, Rogelio Ramírez de la O, on behalf of President López Obrador, presented at the XVI Summit of Presidents of the Pacific Alliance the fundamental cross-cutting issues that Mexico will champion from the presidency of the Pacific Alliance,” said SHCP.

During the XXV reunion of the Council of Finance Ministers (CFM), finance ministers of member countries created the Working Groups on Innovation and Financial Digitalization and Finance and Sustainable Development. These groups target new global public policy trends and priorities. The CFM also highlighted the progress made on the integration of capital markets, cybersecurity, investment in infrastructure, climate financing and tax treatment, among other areas. The study of fintech ecosystems was also deemed vital during the meeting.

The CFM focuses on promoting synergies and regional cooperation in search of better policies regarding environmental, social and governance criteria to further develop the region. Discussions on the current sanitary crisis took place as well, as member countries seek to promote an economic reactivation, according to an SHCP press release.

Ramírez de la O said that Mexico will focus on promoting regional growth in the south of the country through several infrastructure projects, especially railway developments to improve land connectivity and energy supply. These projects seek to attract capital and boost trade. Ramírez de la O also highlighted the region’s resilience and responsibility of fostering digital opportunities. He emphasized that “the fundamental objective has been to generate economic growth, improve the living conditions of the population and increase well-being, reducing inequalities,” reads SHCP’s press release.

To achieve these goals, the social development programs addressing health, education, food security and development of rural areas promoted by the current administration are key, according to SHCP. These goals “seek to reverse the situation of social inequality from a rights perspective, giving priority to indigenous people and the poorest.”