Latin American nations sign pact to form Pacific alliance

Fourth Estate Cooperative Staff

Cerro Paranal, Chile (4E) – In order to integrate the economies and create trade ties with countries in the Asia Pacific region, Chile, Colombia, Mexico and Peru formed a Pacific Alliance at a presidential summit in Chile’s Cerro Paranal on Wednesday.

“From the heights of Paranal, in the most arid desert in the world and under the clearest of skies, we have signed a pact officially giving birth to the Pacific Alliance,” Chilean President Sebastian Pinera said. “In very little time, we have succeeded in moving forward rapidly,” said host Pinera.

Mexico’s Felipe Calderon, Peru’s Ollanta Humala and Colombia’s Juan Manuel Santos attended the summit along with observer presidents of Costa Rica and Panama.

Describing the Pacific Alliance’s economic potential as significant, Calderon said that the new alliance comprises some of the fastest growing economies of Latin America, citing Peru and Chile.

Colombia’s Santos viewed the alliance as the “most significant integration process in Latin America.”

“There are no incompatibilities or exclusion vis-a-vis other integration efforts. We are against nobody but rather in favor of even greater integration,” he said.

Peru’s Humala expressed similar views and assured that the new alliance will not displace other groupings such as the Andean Community,or the Union of South American Nations.

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