Chile has entered into an agreement with Peru, Colombia and Mexico to allow for liberalizing of 90% of trade with zero tariffs amongst the countries involved. The agreement, expected to be signed on May 23 during a summit in Colombia, will allow for an immediate implementation of the policy including the four countries which represent 35% of the Latin American region’s economy. Uruguay, Australia, New Zealand, Japan, Spain, Portugal, and Canada have signed on as observers to the agreement, and Panama and Costa Rica have expressed interest in becoming full members of the free trade agreement as full members. The agreement is in contrast to the Brazilian-led practices of the Atlantic coast of South American trade by allowing for “free circulation of goods, services, capitals and persons”. (April 1, 2013, MercoPress)