Latin American Pacific Bloc Rejects Brazil-Led Protectionism

Leaders from Latin America’s most open economies signed a trade accord today to increase commerce along the Pacific rim of the region, distancing themselves from countries such as Argentina and Brazil that are raising import restrictions amid the global slowdown.

Chilean President Sebastian Pinera hosted the meeting at Paranal, the site of a telescope in the northern desert, to ratify the Pacific Alliance trade bloc with his counterparts from Mexico, Peru and Colombia. Representatives from Costa Rica and Panama attended as observers and say they may eventually join the bloc, which was created in April last year.