Chile urges enhanced cooperation within Pacific Alliance

Chilean Foreign Minister Alfredo Moreno on Friday called for expanded cooperation within the Pacific Alliance trade bloc. Moreno voiced this opinion at a business and innovation forum of Pacific Alliance, known as "LAB4+," which aims to identify the best practices and business models that help make a business global. "This first Business and Innovation Forum of the Pacific Alliance is a concrete way to demonstrate that we can make progress together in spurring new ideas and promoting business," Moreno said at the closing ceremony of the event that opened on Tuesday. The gathering was attended by the Association of Latin American Entrepreneurs, Women of the Pacific, and trade promotion agencies from the member states of the fledgling trade bloc. "Gathering around this (topic) shows the enormous potential that this alliance has, not just in terms of the economic opportunities it offers, but also in terms of the interest of the four member countries in supporting entrepreneurs and opening up spaces of innovation," said Moreno. Carlos Honorato, director of Chile's export promotion agency ProChile, hailed the forum as unique. "This is a one-of-a-kind event, because never before have four countries been united to work together to develop business and innovation as a bloc," said Honorato. Chilean Economy Minister Felix de Vicente said it would be necessary to promote development so as to fulfill the main objective of the alliance. "We need to boost our competitiveness and productivity. That is achieved through the promotion of business and innovation, so activities such as LAB4+ are essential to coordinating efforts to strengthen the ecosystem of innovation in bloc member countries," said De Vicente. Officially launched in June 2012, the Pacific Alliance is a Latin American mechanism for economic and free trade integration between Chile, Colombia, Mexico and Peru. The bloc, which will include Costa Rica this year, aims to promote trade and investment between the four Latin American nations and Asia-Pacific countries.