Business & Economy

Peru says political tensions in Pacific Alliance won’t halt progress

New York, Sep 21 (EFE).- Mexican entrepreneurs continue to view the Pacific Alliance as “an area of opportunity” despite feeling there is a political “blockade” within the trading bloc, says Peru’s Minister of Foreign Trade and Tourism, Juan Carlos Mathews.

In an interview with EFE, Mathews expressed his concerns over the political distractions after Mexico’s President, Andrés Manuel López Obrador, failed to acknowledge the pro tempore leadership of Peruvian President Dina Boluarte in the Alliance, which also includes Colombia and Chile.

Speaking at an event during the 78th session of the UN General Assembly and shortly before an event at the CFA Society in New York promoting the Alliance, the Peruvian minister emphasized the political strain. Ideally, for the alliance’s goals, there should be not only private efforts but also “a state that promotes and facilitates,” he said.

POSITIVE EXPECTATIONS

Despite differences between the member countries, Mathews says there is a positive expectation “despite the political noise,” and stresses that such tension “won’t stop the alliance.”

During its presidency of the Pacific Alliance, Peru aims to boost “global value chains.” Mathews clarified it is not just about looking to “grow trade, investment, and tourism among us, but collectively.” He advocated for joint trade offers from Alliance countries to third parties.

“If Peru produces fresh grapes seven months a year, and Chile produces for another five, it only makes sense for a bi-national consortium to come up with a joint brand between us,” says the minister. “We need to articulate and set it up well for it to work,” he added.

MACROECONOMIC STABILITY

Regarding foreign investments in Peru, Mathews noted that despite the recent changes in governments, what most attracts those willing to invest in the country is “macroeconomic stability and legal security.”

In this regard, he indicated that based on the feedback he received from investors in the United States, “Peru and Colombia are the countries with the greatest potential.”

According to Mathews, investors are aware of the economic ups and downs. However, he pointed out that Peru boasts “one of the lowest inflation rates, good reserves, a fiscal deficit of less than 2%, and a debt position better than anyone in Latin America,” alongside Chile. EFE

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