This article aims to establish whether the Pacific Alliance truly configures a pragmatic regionalization scheme in Latin America. It approaches the study of its Constitutive Treaty to interpret its provisions-in light of the economic and legal theories of integration-and addresses its developments, so we can consider if the member countries intend willfully to achieve a deep integration or if these plans are merely baseless statements. We analyze the ostentatious challenges imposed by the preamble and its attractive-or perhaps wishful-objectives. Then, we verify or question the institutional framework to determine if it is strong enough. Finally, we consider if the Alliance has legal personality as an international organization. The inevitable conclusion is that, despite the noble and lofty objectives laid out in the Constitutive Treaty of the Pacific Alliance, its member countries have made little to no effort to materialize them with each other or in their relationships with third-party countries-observer countries and those located in the Asia-Pacific region.