PACIFIC ALLIANCE

On October 20, the meeting of Finance Ministers of the Pacific Alliance (PA) took place virtually. Ministers from Chile, Colombia, Mexico and Peru agreed to promote financial digitalization and sustainable development. Meanwhile, the Public-Private Dialogue of the Regional Digital Market also took place within the framework of the PA, in order to continue deepening the three pillars of this strategy, in favor of digital and electronic commerce. The summit of this international organization will be held in December 2021.

Regarding the meeting of finance ministers, the National Coordination of the Pro-Tempore Presidency of Colombia presented the changes in the organizational structure of the Council of Finance Ministers (CMF in Spanish). These changes included the establishment of the Working Groups on Innovation and Financial Digitalization, and Finance and Sustainable Development. For the officials, the creation of these bodies recognizes the accelerated pace of the digital transformation of financial systems, while also identifying the challenges it generates.

On the other hand, the vice ministers of foreign trade of the member countries met to advance in the implementation of the Regional Digital Market. According to Andrés Cárdenas Muñoz, deputy minister of foreign trade of Colombia, the members seek “to advance to a harmonized digital economic space, without barriers, that promotes investment, exchange of services and products by digital means”, through the capitalization of electronic commerce, with about 177 million consumers.

It is worth remembering that this strategy seeks to improve access to connectivity, through actions such as the elimination of roaming and the promotion of regional interconnection. It also seeks to create an environment that promotes the exchange of digital goods and services through intellectual property in the digital economy, personal data protection and digital security. Finally, it also mentions the development of a digital economy by boosting e-commerce.