Latin American Free Trade Association

The Latin American Free Trade Association, LAFTA, (later transformed into the Latin American Integration Association Spanish: Asociación Latinoamericana de Integración, Portuguese: Associação Latino-Americana de Integração) was created in 1960 in the 1960 Treaty of Montevideo by Argentina, Brazil, Chile, Mexico, Paraguay, Peru, and Uruguay. The signatories hoped to create a common market in Latin America and offered tariff rebates among member nations. In 1980, LAFTA reorganized into the Latin American Integration Association (ALADI) which now has 13 members: Argentine Republic, Republic of Bolivia, Federative Republic of Brazil, Republic of Chile, Republic of Colombia, Republic of Cuba, Republic of Ecuador, United Mexican States, Republic of Panama, Republic of Paraguay, Republic of Peru, Eastern Republic of Uruguay and Bolivarian Republic of Venezuela.

The Latin American Free Trade Association came into effect on January 2, 1962. When the trade association commenced it had seven members and its main goal was to eliminate all duties and restrictions on the majority of their trade within a twelve-year period. By the late 1960s the area of LAFTA had a population of 220 million and produced about $90 billion of goods and services annually. By the same time it had an average per capita gross national product of $440.

...
Wikipedia