This document explains the evolution of the Pacific Alliance (PA) as a type of open regionalism and, based on the general characterization of the trade policies of its member countries, the comfortable position that Mexico holds within this agreement. Official annual information from the four PA member countries was used to analyze reciprocal trade and investment. Regarding trade among PA members, Mexico is the only country with a trade surplus. Annual investment flows have declined; Peru is the largest receiving economy and Chile is the main investor. Only Chile maintains an export supply for the Asia-Pacific region through signed trade and investment instruments. The ambivalent behavior of Mexico within the PA is explained by the trade agreement between Mexico and the countries in the PA, the potential for the internationalization of Mexican companies, and the type of negotiation that represents a well-known trade practice in this country.