The collaboration was announced after a virtual meeting convened by Mexican President Andrés Manuel López Obrador.
He said the goal of the collaboration is to give people access to food and basic products at better prices by, for example, removing import duties and other barriers. One product that they want to reduce the price of is fertiliser, supply has been greatly affected by the war in Ukraine.
Worst in Argentina
The priority goal is to reduce costs for “the poorest and most vulnerable,” according to a statement released after the meeting, which was also attended by the leaders of Argentina, Belize, Bolivia, Chile, Colombia, Cuba, Honduras, Venezuela and Saint Vincent and the Grenadines.
Like many other parts of the world, Latin America is struggling with rising inflation. The worst is in Argentina, where inflation in 2022 landed at around 95 percent, which is the highest reading in more than 30 years.
López Obrador has invited the leaders to a meeting on May 6-7 in Cancún, Mexico for further discussions.