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Economics - Feb 23, 2018

The Pacific Alliance in focus

May 15, 2018

By Diana Hart

Boasting a combined GDP of US$1.8 trillion, a population of more than 220 million people and one of the fastest growing middle income markets in the world, it’s the rising economic star that you may not know much about.

Formed in 2011, the Pacific Alliance is a large and dynamic trading block, whose current members include Chile, Colombia, Mexico and Peru.

Canada took significant steps to be a trading partner with the region last summer, becoming an associate member alongside New Zealand, Singapore and Australia. Last fall, Canada began the first round of free trade negotiations with the alliance in Colombia.

Scotiabank has strong ties to the region. Its international banking strategy is focused on the Pacific Alliance countries, with growing operations in each.

So why have these developing countries caught the eyes of international investors? Let’s take a look.

Sources: Scotiabank Economics; Central Intelligence Agency - The World Factbook; World Bank; ComScore, 2017; Kantar Millward Brown, WPP BrandZ report