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New alliance: Mexico, Colombia, Peru and Chile

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FEDERICO QUILODRAN | June 6, 2012 10:17 PM EST | AP

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SANTIAGO, Chile — There's a new group of nations in Latin America: the Pacific Alliance, uniting Mexico, Colombia, Peru and Chile.

Presidents of the four nations formally launched the economic integration pact Wednesday, and Colombian President Juan Manuel Santos says their first big move will be to drop visa requirements so citizens of all four countries can travel freely between them.

Chilean President Sebastian Pinera chose a remote mountaintop in northern Chile for the signing. The event was held at one of Earth's most powerful deep space observatories, and Pinera said the point was to show how their countries are looking far into the future.

He says the group's goals include free trade and economic integration, with a clear orientation toward Asia.

Observers at the meeting included King Juan Carlos of Spain.