The presidents eleven Latin American countries, among which the region’s largest economies –Brazil, Mexico, Argentina, Chile and Colombia-, today announced an anti-inflation “alliance” to facilitate trade between countries in the region.

The agreement the government of Mexico announced after an online meeting held by the heads of eleven states.

Besides, the Mexican President Andres Manuel Lopez Obrador called the remaining leaders to a meeting in Cancun on May 6 and 7.

The aim of this alliance is to facilitate trade in food, basic products and intermediate goods by removing “barriers, tariffs and sanitary measures”.

Priority will be given to the reduction “of the cost of these products for the poorest and most vulnerable citizens”, it is stated in the declaration of this “Alliance of the countries of Latin America and the Caribbean against inflation”.

Inflation in 2022 reached 5.79% in Brazil and 7.82% in Mexico, the two largest economies of Latin America. In Argentina, inflation reached 94.8%, a thirty-year record.

This new “alliance” also includes Belize, Bolivia, Cuba, Honduras, Venezuela and Saint Vincent and the Grenadines.

The countries that they signed this agreement will recommend “a working group” which will determine the cooperation measures, mainly regarding “chemical and organic fertilizers”.

At the same time, the alliance is going to draw up one Action Plan to implement “within a reasonable period of time” measures to tackle inflation.

The eleven countries, members of the Community of Latin American and Caribbean Countries (Celac), invited other states in the region to join the alliance.