The Presidents of Peru, Chile, Colombia, and Mexico signed the Pacific Alliance’s Framework Agreement, in Antofagasta on Wednesday.
The agreement will serve as a new legal basis for integration between the Pacific Alliance’s member nations, who are aiming to promote trade with the Asia Pacific markets, Andina reported.
The Pacific Alliance was created in Lima on April 28, 2011, with the signing of the Lima Declaration.
Peruvian President Ollanta Humala joined Chile’s President Sebastian Piñera, Colombia’s President Juan Manuel Santos, and Mexico’s President Felipe Calderon for the singing ceremony, which took place at the foot of the Paranal Observatory, in the region of Antofagasta, about 1,300 kilometers north of the Chilean capital.
The Pacific Alliance represents a market of 215 million consumers with an average income per capita of US$ 13,000.
Together, the four countries have a GDP of about $1.7 trillion and represent over 55 percent of the region’s exports, Andina reported.