Uruguay's recent efforts to expand its trade relationships with neighboring countries will continue in the coming months through further talks with Colombia and Peru.

Both countries have invited Uruguay to update and expand its commercial agreements with the two countries and evolve them into a full-scale free trade agreement, similar to the one it will be signing with Chile this October.

Uruguayan foreign minister Rodolfo Nin Novoa said: "In this framework Uruguay will be signing a free trade agreement with Chile, which is considered a model for the region."

The South American nation will also be seeking to improve its current treaty with Mexico, which alongside Chile, Peru and Colombia is a founding member of the Pacific Alliance trade area.

Uruguay is seeking to capitalize on the greater progress the Pacific Alliance has made in the development of its trade infrastructure when compared to the Mercosur bloc, which currently consists of Argentina, Brazil, Paraguay, Uruguay and Venezuela.

However, Uruguay remains keen to advance its own bilateral trade treaties without abandoning Mercosur's broader efforts to establish new trade relationships with other countries.