Several Latin American nations, including Mexico, Chile, Colombia, Peru, Brazil, Argentina, Uruguay and Paraguay pledged to strengthen trade ties amidst a growing trade war initiated by Donald Trump’s “America first” policy.
The meeting involved members of the Pacific Alliance, made up of Mexico, Chile, Colombia and Peru, and Mercosur members Brazil, Argentina, Uruguay and Paraguay. The Pacific Alliance and Mercosur are Latin America’s two major blocs.
The meeting signals the region is aiming a local integration and a free local trade. Brazil, Latin America’s largest economy, has specifically signed a cooperation agreement with Mexico on trade and customs matters. The deal aims to increase the effectiveness of the fight against unfair trade policies.
Brazil has also advanced conversations with Chile towards a free trade agreement, while Mercosur has signed a service trade agreement with Colombia.