4 Latin American countries agree to facilitate trade

SANTIAGO, July 15 (Xinhua) -- A group of four Latin American countries has agreed to create a commission to promote trade in the region.

The Pacific Alliance, which groups Chile, Colombia, Mexico and Peru, was formally established in 2012 in Lima. The alliance aimes to boost free trade and deepen economic integration, with "a clear orientation for Asia."

Creating the commission meant "taking a new step towards the integration of not just the governments, but also the parliaments of the four countries, with enormous benefits for all the people," Chile's Foreign Minister Alfredo Moreno said after a meeting Monday.

Joining the alliance requires the approval of the legislature of the countries.

Chile's Senate unanimously approved the country's official membership in the alliance last Wednesday, representing Chile's commitment to the founding principles of the bloc.

"Chile's decisive support for this alliance must not diminish, no matter which government assumes power next year," Moreno said.

Since June 30, the alliance has put into effect an agreement to remove all tariffs from 90 percent of goods traded among the members.

The four nations together represent slightly more than one-third of Latin America's gross domestic product, or an economy more or less the size of Brazil.

Many regional countries are looking to join the alliance, such as Costa Rica and Panama, which now hold "observer-candidate" status. Other observer countries include Guatemala, Australia, Spain, Japan and New Zealand.

July 15, 2013

Source: Xinhua