Pacific Alliance Summit: Pacific Alliance and Mercosur sign agreement for greater cooperation

World
Europe

02:51

Latin America trade bloc, the Pacific Alliance, is holding a week-long summit, which opened Monday. Messages about free trade and integration have been fully exchanged as protectionism, particularly in the United States, has created growing concerns. Franc Contreras reports.

The Pacific Alliance summit is taking place this week in Mexico's resort town of Puerto Vallarta. Against the backdrop of growing U.S. protectionism, the leaders of the Pacific Alliance - Colombia, Peru, Chile and host nation Mexico agreed to broaden its commitment with Mercosur.

ENRIQUE PENA NIETO MEXICAN PRESIDENT "The alliance of the Pacific and Mercosur approved this day a joint declaration in which we endorse a commitment to free trade that favors social inclusion. We agree to explore new cooperation routes to explore our economic and commercial relationship in areas of common interest."

Presidents of the Pacific Alliance nations underscored the importance of building strong ties among Latin American economies.

MARTIN VIZCARRA PERUVIAN PRESIDENT "Integration in all senses. And this ratification of this concept has been so good for the Pacific Alliance but at the same time, this support we have to unite the presidency, of the presidents of the Americas."

Chile's president is concerned that U.S. trade policies under President Donald Trump are interrupting global free trade.

SEBASTIAN PINERA CHILEAN PRESIDENT "Protectionism. If the warnings of President Trump - as Venezuelan President Maduro says, we say: Trump - the threats were fulfilled. Duties could go to the levels of the 1970s. We're not talking about some distant hypothesis. We are talking about what is happening today in front of our eyes."

Those gathered seek to expand tourism in Latin America, build more sea and airports to transport merchandise built or assembled in the region and discuss immigration issues.

The Pacific Alliance was formed in 2011 and is one of the world's largest regional trading groups.

The Mercosur bloc, comprised of Argentina, Brazil, Paraguay and Uruguay, along with the Pacific Alliance agreed on Tuesday to find new ways to work more closely together.

Australia, Canada, New Zealand and Singapore all joined as associate members of the Pacific Alliance last year. Another nation - South Korea - is also expressing interest.

FRANC CONTRERAS MEXICO CITY "All parties interested in the success of this alliance know they face challenges. Their summit is taking place in times of growing nationalism, characterized by efforts from the world's largest economy, the United States, to end trade pacts and raise tariffs. FC, CGTN, Mexico."