Peru, Chile, Colombia and Mexico form new economic alliance

Peru, Chile, Colombia and Mexico form new economic alliance

2011-04-30 06:01:33 GMT+7 (ICT)

LIMA, PERU (BNO NEWS) -- Peru, Chile, Colombia, and Mexico on Friday signed and agreed to form a 'deep integration' area to boost the countries' development and economic growth.

The countries' four presidents met in Peru's capital of Lima to sign the 'Pacific Alliance,' which is aimed at increasing the region's integration, promote further growth and development, improve economic competitiveness, and advance in opening a free market for goods, services, capital, and people.

In its first stage, the leaders agreed to prioritize people and business by easing immigration and customs procedures, as well as the possibility of integrating stock exchanges. Furthermore, the presidents noted that the alliance would generate jobs, new markets, and increased investments.

Presidents Alan Garcia of Peru, Sebastian Piñera of Chile, Juan Manuel Santos of Colombia, and Felipe Calderon of Mexico, signed the agreement in Lima's Government Palace's Golden Hall. In addition, the Latin American leaders agreed to meet again in December in Mexico.

The strategic alliance is also targeting the large and growing Asian markets, as all four countries have a coastline on the Pacific Ocean, and their combined exports represent more than half of Latin America's exports.

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