Latin American Free Trade Association

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Latin American Free Trade Association (LAFTA)

the former ‘free trade area established in 1960 comprising ten members: Argentina, Brazil, Paraguay, Mexico, Venezuela, Chile, Colombia, Ecuador, Peru and Bolivia. In 1995, a new trade bloc, MERCOSUR, was established, creating a customs union between Brazil, Uruguay, Argentina and Paraguay Mexico is now a member of the NORTH AMERICAN FREE TRADE AGREEMENT. See TRADE INTEGRATION.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson

Latin American Free Trade Association (LAFTA)

a regional alliance formed in 1960 with the general objective of establishing a FREE TRADE AREA. There were seven original member countries of LAFTA: Argentina, Brazil, Peru, Chile, Mexico, Paraguay and Uruguay, with three other countries joining shortly afterwards: Colombia, Ecuador and Venezuela. Economic and political instability, however, led to its gradual disintegration, with some countries (Peru, Chile, Colombia and Ecuador) establishing the ANDEAN PACT in 1969. Mexico joined the NORTH AMERICAN FREE TRADE AGREEMENT in 1993 and the remaining members of LAFTA (with the exception of Venezuela) established MERCOSUR in 1995.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
References in periodicals archive ?
The National Conference of (Catholic) Bishops in Brazil endorsed MST's goals and worked together with MST on the September, 2002, referendum to reject the Latin American Free Trade Agreement. The MST has received numerous international awards for its humanitarian work, been the subject of a two-hour report on the BBC, had dozens of doctoral dissertations written about it and is a leader in Via Campesino, the most significant international organization of farmers and rural workers.
Prior agreements such as Mercosur, ALADI, Latin American Free Trade Agreement (LAFTA), and others further complicate any extended NAFTA arrangement, because of the meshing difficulties of two different sets of trade disciplines.

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