The Pacific Alliance and Southern Common Market (Mercosur) representatives agreed on Monday to seek space for developing common initiatives on trade and integration-related matters.

Peru's Ministry of Foreign Trade and Tourism detailed the agreement in a press release, saying that both blocs agreed to exchange information and conduct a follow-up meeting at the technical level.

The Pacific Alliance is progressing to facilitate the establishment of a joint platform as well as economic and trade integration, said the ministry.

The ministry added that during Monday's meeting, it was able to elaborate on its proposal for the Action Plan based on dialogue and both blocs' willingness to share information as well as explore room to develop common initiatives.

The Pacific Alliance is composed of Chile, Colombia, Mexico and Peru, while Mercosur is a regional trade bloc grouping Argentina, Brazil, Paraguay, Uruguay and Venezuela.