As a result of diplomatic efforts led by the Ministry of Foreign Affairs and Israel's embassies in Latin America, Israel has been accepted as an observer state of the Pacific Alliance. The decision to accept Israel as an observer state was made on Monday night (February 11) at a Pacific Alliance summit in Cartagena, Colombia with the participation of the member state presidents.

The Pacific Alliance is an economic platform established a year and a half ago by Chile, Peru, Colombia and Mexico as a tool of economic integration in order to advance the growth, economic competitiveness and well-being of their citizens. The Alliance comprises the Latin American states with a free market and liberal socio-economic policy which are working to establish a common economic market. Other states from the region are expected to join the Alliance in the near future.

Israel is the first state in the Middle East to receive observer status in the Pacific Alliance, testmiony to its good relations with the member states and the high interest in Latin American in improving economic ties with Israel.

The Pacific Alliance member states today constitutes the eighth largest economy in the world, with 36% of the GNP of Latin America and the Caribbean. The member states have an average per capita GNP of $10,000, with a total population of 212 million - an attractive market with a steadily growing purchasing power.

Israel's accession as an observer state will help increase the exposure of the Alliance states to Israel's innovative technology and industry, and contribute to the strengthening of the Israeli economy.