The name was decided by a Resolution of the Cantonal Council because it was the venue for the Second Meeting of South-American Presidents held in July of 2002.
The square is home to the Crystal Palace, the Square of the Flags, the traditional church of San Jose and the crafts market. The Square of the Flags is formed by the standards of the 24 provinces of the country; the national flag is placed in the center with a higher mast that symbolizes the union between Ecuadorians. The square has resting areas and within its surroundings, two busts representing prominent American characters are placed, one of Mexican Benito Juarez Garcia, president of his country for several times, and the other of Chilean military Bernardo O’Higgins Riquelme, liberator of Chile.
The crafts market has 24 shops that offer many samples of national folklore at very reasonable prices, crafted manually by Ecuadorian artisans in materials like cloth, leather, ceramic, wood, stone, tagua palm and toquilla straw. Visitors can find clothing, hats, jewelry, ornaments, souvenirs, musical instruments and the very famous hats made of toquilla straw.