The presidents of four Latin American countries - Mexico, Chile, Colombia and Peru - have signed an integration agreement in the north Chilean city of Antofagasta to establish a new economic association - the Pacific Alliance, Mexican TV channel Televisa reported.
The alliance’s key task will be to contribute to economic integration of its member states and to development of their economies.
The new economic bloc comprises states with a population of about 207 million and a joint GDP of $1.7 trillion, or 35 percent of the entire Latin American continent’s GDP.
Mexican President Felipe Calderon said his country joined the alliance to more successfully counter challenges connected with the new global economy that can only be addressed with a concerted effort.
“We need freedom inside our countries, freedom for goods we produce, for services we provide, for investment we make, as well as freedom for our citizens and their ideas,” Calderon said.
