The Latin American Integration Association (LAIA) or The Latin American Free Trade Association (LAFTA
Posted by Ripon Abu Hasnat on Friday, June 13, 2014 | 0 comments
The
Latin American Integration Association (LAIA) is an international and regional
scope organization. It was created on 12 August 1980 by the 1980 Montevideo
Treaty, replacing the Latin American Free Trade Association (LAFTA / ALALC).
Currently, it has 13 member countries, and any of the Latin American States may
apply for accession.
The development of the integration
process developed within the framework of the ALADI aims at promoting the
harmonious and balanced socio-economic development of the region, and its
long-term objective is the gradual and progressive establishment of a
Latin-American Common Market.
The Basic Functions of LAFTA are:
1.
Promotion
and regulation of reciprocal trade Economic complementation;
2.
Development
of economic cooperation actions contributing to the markets extension.
The General Principles of LAFTA are:
1.
Pluralism
in political and economic matters;
2.
Progressive
convergence of partial actions for the establishment of a Latin-American Common
Market;
3.
Flexibility;
4.
Differential
treatments based on the development level of the member countries; and
5.
Multiple
forms of trade agreements.
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