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4 Latin American countries sign trade pact

April 29, 2011 at 1:38 PM   |   Comments

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LIMA, April 29 (UPI) -- Chile, Colombia, Mexico and Peru signed an agreement to create one of the biggest trading blocs in Latin America, officials said.

Sebastian Pinera of Chile, Colombia's Juan Manuel Santos, Felipe Calderon of Mexico and Peru's Alan Garcia signed the Pacific Accord in Lima Thursday.

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.

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