Chile summit shows limits of multilateralism

(AP) A 60-nation summit is wrapping up in Chile on Sunday with leaders from the European Union, Latin America and the Caribbean agreeing that multilateral cooperation will best sustain their economies, which together represent a billion people and $280 billion in trade.

European Council President Herman Van Rompuy says the benefits of the EU's free-trade deals with Colombia and Peru will soon be apparent, followed by freer trade between Europe and Central America. He also expresses optimism about a long-delayed treaty dropping trade barriers with South America's Mercosur trade bloc now that leaders of Brazil and Argentina have promised to submit new proposals this year.

He says the discussions in Santiago have given new momentum to our strategic partnership.