Representatives from 12 South American countries have signed an
agreement to create a political and economic bloc modelled on
the European Union. South American countries are creating the
third bloc in the world The new South American Community of
Nations was launched at a summit in the Peruvian city of Cuzco.
Peruvian president Alejandro Toledo, said a new country was
being born, which would one day have a common currency,
parliament and passport. 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. THE NEW BLOC
Territory: 17,658,000 sq km Population: 361 million
Unemployment: 12% (Can); 12.9% (Mercosur); 8.5% (Chile) Source:
Can (2003) Mr Toledo said the new community would also help
member nations "confront the challenges of globalisation so that
it is fairer". "If in the past, geography divided us, today it
unites us," Mr Toledo said. The move will create a market of 361
million people with a GDP of $973bn, e