The FTA, to be signed in Montevideo, Uruguay, will promote trade and regional integration in Latin America, said a statement released by the ministry.

Patricio Zuquilanda, Ecuadorian foreign minister and current president of the Andean council of foreign ministers, will travel next Monday to Montevideo to take part in a signing ceremony of the FTA, reached after a series of negotiations that began in 1998,the statement said.

Ancom is made up of Bolivia, Colombia, Ecuador, Peru and Venezuela while Mercosur comprises Argentina, Brazil, Paraguay andUruguay, with Bolivia and Chile as associate members.

During the June Andean presidential council meeting in Quirama,Colombia, Ancom decided to complete the FTA with Mercosur by December 31, 2003 at the latest.