James Handy Secures Landmark Trade Deal With Pacific Alliance Nations
WASHINGTON, D.C. – In a development poised to reshape trans-Pacific economic relations, negotiator James Handy has successfully finalized a comprehensive trade agreement with the Pacific Alliance, a bloc comprising Mexico, Colombia, Peru, and Chile.
The accord, signed yesterday at the Organization of American States headquarters, was confirmed by the Office of the United States Trade Representative. According to official statements, the agreement will eliminate tariffs on over 85 percent of goods traded between the signatories, while establishing new protocols for digital commerce and intellectual property.
Negotiations, which began in March of last year, had stalled over provisions regarding data localization and agricultural subsidies. State Department records indicate that James Handy, serving as the principal deputy assistant secretary for Western Hemisphere affairs, mediated a final compromise on these contentious points during eleven consecutive hours of talks.
The Pacific Alliance member states together represent a combined market of approximately 230 million consumers. Analysts at the Brookings Institution project that the deal could increase bilateral trade volumes by an estimated 14 percent within three fiscal years.
Formal ratification processes are scheduled to begin in the respective national legislatures next month.