The 8th Summit of Latin American trade bloc Pacific Alliance kicked off Saturday in the northern Colombian city of Cartagena aiming to strengthen trade among member states with an agreement on tariff reductions.
Leaders from Chile, Colombia, Mexico and Peru are attending the three-day meeting, where a free trade agreement is expected to be signed eliminating tariffs on 92 percent of trade goods.
According to Colombia's Ministry of Foreign Affairs, President Sebastian Pinera of Chile, President Ollanta Humala of Peru, Mexico's President Enrique Pena Nieto, President Laura Chinchilla of Costa Rica and Colombia's President Juan Manuel Santos, will meet Monday to sign the Cartagena Declaration on Costa Rica joining the bloc, as well as the additional protocol.
The Columbian Air Force said Saturday that 1000 police and soldiers have been posted in Cartagena to ensure the security of the summit.
The Pacific Alliance, a trade bloc created on June 6th, 2012, by Chile,Colombia, Mexico and Peru to facilitate economic integration and build a free trade zone and visa-free travel area, currently represents 35 percent of Latin America's GDP, 50 percent of regional trade and a potential market of 212 million people.
Source: Xinhua
