1. On March 7, Second Vice Minister of Foreign Affairs Cho Tae-yul attended the “Cartagena Dialogue: The Trans-Pacific Summit” hosted by the International Institute for Strategic Studies (IISS) from March 6 through 8 under the theme of “Pacific Alliance and Asia.” At the event, he delivered a keynote speech on the perspective of the Republic of Korea on the Pacific Alliance to convey the ROK’s willingness to strengthen its partnership with the Pacific Alliance.

* The Pacific Alliance was launched in June 2012 to strengthen competitiveness of its member states through free movement of goods, services, capital and workers among them and to enhance economic cooperation among countries in the Pacific region. It has four member countries -- Peru, Mexico, Chile and Colombia.

- The ROK joined the Pacific Alliance in June 2013 as an observer.

◦ The IISS, by holding the meeting as an opportunity for dialogue among high-level officials of governments and private sectors of the Pacific Alliance member states and major Asian countries, sought to explore the possibility of cooperation between the two regions.

◦ In the session, “Asian Perspectives on the Pacific Alliance,” Vice Minister Cho, together with Deputy Managing Director Zhu Min of the IMF, Finance Secretary Cesar Purisima of the Philippines and Ambassador for International Economic Affairs Toshiro Suzuki of Japan, delivered a presentation on Asian countries’ views on the Pacific Alliance and exchanged opinions with other participants.

2. Vice Minister Cho, citing the fact that the Pacific Alliance, a new model of regional integration in Latin America, has firmly upheld the values of democracy and market economy, expressed his infinite confidence in the mechanism. Noting that the ROK has likewise strengthened its competitiveness by continuously opening up to the world, the Vice Minister mentioned that the ROK has a sense of companionship with the Pacific Alliance in that they both have become exemplary cases of successfully implementing open-door policy in Asia and Latin America, respectively. He went on to stress that strengthening partnership with the Pacific Alliance is one of the important foreign policy objectives of the Park Geun-hye government.

◦ In particular, he noted that the Pacific Alliance, which seeks to serve as a bridge to Asia, and the ROK, which has grown as an FTA hub in East Asia, both as cornerstones for the Trans Pacific Partnership (TPP), will contribute to advances of the global free trade regime.

◦ The Vice Minister commended “Latin America's Pacific Pumas” for implementing the early harvest policy -- a policy that simplifies formalities and procedures and puts the top priority on feasible plans --; putting in place innovative and bold measures; and thereby setting a new model of regional integration.

* Latin America's Pacific Pumas, coined after the Four Asian Tigers, -- the ROK, Taiwan, Hong Kong and Singapore -- refers to the four member states of the Pacific Alliance that are seeing dynamic growth just like pumas, which are fast and strong and can cope excellently with difficult situations.

◦ In addition, the Vice Minister voiced his expectation that the Pacific Alliance will continue to grow as an exemplary mechanism and play a role in spreading the values of democracy and market economy in Latin America, expressing his wish for the development of the mechanism.

3. Vice Minister Cho mentioned that the ROK and the Pacific Alliance, which have steadily laid the groundwork for economic cooperation with each other, will see cooperation increase greatly in trade and investment. He went on to express his hope that Korean companies will be offered opportunities to contribute greatly in such fields as energy, transport and other forms of infrastructure and facilities, whose demand will further increase as Latin America’s economy grows.

◦ In addition, he brought renewed attention to the “single window project,” a project to set up a state-of-the-art customs system in the region. It was proposed by the ROK as part of its efforts to contribute substantively to the Pacific Alliance. He voiced his expectation that the system, when set up, will bring together all information necessary for export and import and thereby improve efficiency; allow export and import procedures to be undertaken in a speedy manner among the member states of the Pacific Alliance; and thereby play a role in expanding trade and economic integration among the countries.

4. Vice Minister Cho is seen to have taken the opportunity of the Cartagena Dialogue to convey to the international community the ROK’s interest in the Pacific Alliance, a new model of regional integration in Latin America, and its willingness to work together with the mechanism. 


                     Spokesperson and Deputy Minister for Public Relations of MOFA

* unofficial translation