Joint Communiqué from the Foreign Affairs and Foreign Trade Ministers of the Andean Community and Mercosur

On October 31, 2003, the Foreign Affairs and Foreign Trade Ministers of the ANDEAN COMMUNITY and MERCOSUR held a meeting, in the city of Lima, in accordance with the terms of the agreement reached in the meeting held on August 4, 2003, in order to evaluate the negotiations relating to the signing of a Free Trade Agreement between both blocks of countries on December 17 of this year and to give concrete directives concerning items pending in the negotiations.

The Foreign Affairs and Foreign Trade Ministers agreed on the benefits that the strengthening of relations and integration between the ANDEAN COMMUNITY and MERCOSUR would lead to in South America, mainly in trade and investment areas as well as inter-relations with third party countries. On the other hand, they stressed the importance of the fact that the Agreement to be signed will constitute an instrument by which all countries will benefit from the opportunities offered by the creation of a broad market destined mainly to raising the living standards of their people.

In addition to evaluating the state of negotiations, they checked their progress with satisfaction, as it reflects the profound willingness of their governments to achieve a balanced and beneficial agreement in the required flexible and pragmatic manner, taking into consideration the existing asymmetries, as well as the interests of all Parties concerned.

The Foreign Affairs and Foreign Trade Ministers analyzed and fully debated the different central aspects identified during the course of negotiations, and agreed to issue the respective guidelines for the signing of the Free Trade Agreement.