The inaugural Global Business Forum on Latin America 2016 in Dubai highlighted the urgent need for Latin American economies to look to other regions such as the GCC to diversify and boost trade.

During a special panel session, the forum turned its attention to the Pacific Alliance, a trade bloc comprised of Colombia, Peru, Chile, and Mexico that was established in 2011.

Sharing their thoughts on the panel were Jose Luis Silva Martinot, Former Minister of Trade and Tourism, Peru; Ronald Bown, Chairman of the Board, Chilean Fruit Exporters Association, Chile; and Juan Emilio Posada, Co-President, Puerto Brisa S.A, Colombia, who spoke about several advantages that the alliance offers GCC companies.

Martinot explained that the Pacific Alliance was a free trade zone where people and capital could move freely between the four member countries.

These countries have created a big change in Latin America, he said. This alliance could be an excellent partner to the Middle East, so we must start exploring different kinds of business collaborations together, he said.

Perus former minister of trade and tourism revealed that trade between his country and the UAE grew substantially over the last six years to reach $400 million in July 2016. He credited much of this growth to the establishment of an office in the UAE that works to promote bilateral trade.

I think UAE companies will have the opportunity to invest in almost all sectors within Peru, where there is a possibility of being in a country where foreign capital is treated the same as local. We will continue to enjoy extraordinary relations with the UAE as there are thousands of opportunities for UAE companies in our region, he added.

Adding to the discussion, Bown said he sees the alliance as a way to improve relations between countries, governments, institutions, and boost regional development.

We would like to have more trade with the Middle East, and this is definitely possible. Currently we are exporting around 100,000 tonnes of fruit to the region every year. The opportunities are there, and we are still growing new products and varieties, Bown said.

Plata explained that although the Pacific Alliance was only established five years ago, it has driven a lot of growth since then as it broadened Colombias access to a market of 200 million people.

He also pointed to the growing trade volumes between Colombia and the GCC over the last few years, but also acknowledged that this level is still small when you look at the potential that exists. He highlighted infrastructure as a key are where Gulf companies can collaborate with their counterparts in Latin America.

There is a major lack of infrastructure in the Pacific Alliance countries that requires a lot of funding. The four countries are trying to establish an infrastructure investment fund to fill this gap, Plata added.