LIMA - Presidents of Colombia, Peru, Chile and Mexico would sign a trade agreement Thursday in a bid to formulate a common strategy for the four Latin American nations to explore Asian markets.

The so-called Pacific Accord would call for the establishment of an economic bloc to improve trade environment among countries on the Pacific rim.

Colombian President Juan Manuel Santos told Peruvian press the accord was "a very important step for the well-being of our people," and would "deepen the integration among the four countries."