Economic alliance for #Colombia #Chile #Peru and Mexico

Trade alliance between Colombia, Chile, Peru and Mexico envisioned to be the biggest trade zone in Latin America. The presidents of Mexico, Colombia, Chile and Peru signed an agreement last week expressing their commitment to pursue integration of their economies and a strengthening of trade links with the Asia-Pacific region. They hope Panama and Ecuador can one day join. If this happens they would surpass the Mercosur common market of Brazil, Argentina, Uruguay and Paraguay.

"Our four nations, and Panama in the near future, represent 200 million people. Our countries account for 55 percent of Latin American exports," said Peruvian President Alan Garcia. "This is not a romantic integration, a poetic integration. It is a realistic integration with the world and to the world." Garcia said Chile, Colombia, Mexico and Peru are notable for their strong economic growth.

According to Felipe Calderon, the president of Mexico, these four economies have a total combined value of $872 billion, compared to $543 billion for Mercosur. His foreign ministry said their combined exports also far exceed those of Mercosur, $443 billion against $282 billion.

Chilean President Sebastian Pinera said the Pacific Accord signed Thursday will not only liberalize trade in goods but trade in services and ease the movement of investment capital and financial integration. Colombia’s president, Juan Manuel Santos, said the new partnership is not a closed one, but open to new countries that are interested in joining.

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