Consolidation and Deepening of the Pacific Alliance Trade Bloc
In a short period of time, the Pacific Alliance has emerged as one of the leading economic integration projects in Latin America. It aims to succeed where others have failed by creating a gateway to Asian markets and building a Pacific-rim trade deal. The U.S. and Canada are both pursuing deeper ties with the group and have been granted observer status. This is part of efforts to revive and expand their presence in Latin America. In some areas of integration, the Pacific Alliance has surpassed NAFTA. By merging the two together, it could be used to fill the void left by the collapse of the Free Trade Area of the Americas (FTAA).