Agreements reached include the creation of a working group of government representatives aimed at identifying regional measures to coordinate the trade of commodities, fertilizers and other goods.

The group's action plan is set to be implemented "within a reasonable time frame," the statement added.

Heads of state from Argentina, Belize, Bolivia, Brazil, Chile, Colombia, Cuba, Honduras, Mexico, Venezuela, and Saint Vincent and the Grenadines participated in a virtual meeting on Wednesday and agreed to schedule an anti-inflation summit for May 6-7 in Mexico.

The new anti-inflation alliance also agreed to invite more countries from the region to take part, the statement said.