07:25 | Cartagena, Feb. 11.
Members of Latin American trade bloc Pacific Alliance (PA) agreed here Monday to lift trade tariffs on 92 percent of goods traded among them, according to a statement released after the grouping's 8th summit in Colombia.
Created in 2011, the Pacific Alliance is a Latin American trade bloc grouping Colombia, Chile, Mexico and Peru with a goal to promote the free movement of goods, services, capital and people among the member states.
Monday's agreement was signed by leaders of the four member countries attending the three-day summit at the Convention Center in the northern Colombian city of Cartagena.
It will be submitted to each country's congress for approval before it can be implemented, the statement said, adding that the remaining 8 percent will be gradually reduced in a short period of time.
The four heads of state also agreed to initiate a process to share information about health innovation in order to reduce the costs of medical care.
Highlighting the achievements, Colombian President Juan Manuel Santos said at the closing ceremony that they prove "the countries' willingness and ability to make efforts to strengthen our economies, to be more competitive, and to not only grow fast but reach further."
"We are today relatively better prepared, more protected from the storms and ups and downs of the international markets," Santos was quoted as saying by Xinhua news agency.
Mexican President Enrique Pena Nieto called the summit a historical moment in the relations between the four Pacific Alliance countries.
Chilean President Sebastian Pinera said the Pacific Alliance has sought useful and specific results to benefit the four countries.
"It is an ambitious project. I believe that we alone can go far, but we will reach further if we go together," Peruvian President Ollanta Humala said at the closing ceremony.
Costa Rican President Laura Chinchilla was also present and signed a commitment declaration to facilitate her country's entry into the alliance.
Touting her country's decision to join the alliance and become the first non-founding country to do so, Chinchilla pledged that "we will do everything possible to enrich and strengthen this invigorating effort."
(END) INT/EEP
Published: 2/11/2014