S America launches trading bloc

[Chicago Democrat]

Last Updated: Thursday, 9 December, 2004, 06:12 GMT


S America launches trading bloc

South American countries are creating the third bloc in the world
Representatives from 12 South American countries have signed an agreement to create a political and economic bloc modelled on the European Union.

The new South American Community of Nations was launched at a summit in the Peruvian city of Cuzco.

Peruvian president Alejandro Toledo, said a new country was being born, which would one day have a common currency, parliament and passport.

Members of the new community will start by phasing out tariffs.

http://news.bbc.co.uk/1/hi/world/americas/4079505.stm