South America Establishes Trading Block

World | December 9, 2004, Thursday // 00:00

Representatives from 12 South American countries signed an agreement to establish 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. Members of the new community will start by phasing out tariffs. Leaders also hope it will increase South America's clout in international trade talks.

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