The Latin American Pacific Arch (ARCO) will move forward on economic integration with countries from Asia despite the current U.S. financial crisis, Chilean Foreign Minister Alejandro Foxley said Friday.
At the end of the 4th ministerial meeting of ARCO here, Foxley said the bloc has decided to boost investment in joint projects between its members and Asian entities.
The failure of the Doha Round of World Trade Organization talks and delays in the creation of an Asia-Pacific Economic Cooperation(APEC) free trade zone has prompted ARCO to seek to promote and complement trade with Asian countries, Foxley said.
It is important for the private sector to join the work of ARCO in port, airport and highway construction, and "to attract investments to the region," he added.
ARCO was founded last year by Colombia, Chile, Mexico, Peru, Costa Rica, Ecuador, El Salvador, Guatemala, Honduras, Nicaragua and Panama.
Source: Xinhua
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