The accord is expected to increase economic ties among the four countries while creating a competitive market against larger economies, such as Brazil, and other regional trade groups, El Comercio reported
Calderon said the accord would generate jobs, investment and new markets that could be worth as much as $9 billion.
"We are creating the start of a commercial zone that will be the biggest in Latin America," he said.
Calderon said the agreement was also designed to forge a strategy to access the Asian market.
The leaders said the agreement could later be expanded to include other countries in the region, including Ecuador.