Four Latin American countries have established a new regional economic block rooted in their geographic proximity to the Pacific Ocean.

Foreign media outlets report that Mexico, Chile, Colombia and Peru signed an agreement to launch the “Pacific Alliance” in Antofagasta in northern Chile.

The bloc aims to guarantee the free travel of human resources, products, services and capital and the integration of trade, energy and infrastructure among the four nations. The four countries are also focused on strengthening joint penetration into the Asian market through the integration pact.

Analysts say the four economies are rapidly growing in Latin America, so the Pacific Alliance will have great influences on the global economy.