Page "Latin American Integration Association" Paragraph 1
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The Latin American Free Trade Association ( LAFTA ) was created 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.
When the trade association began, it had seven members and its main goal was to eliminate all duties and restrictions on the majority of their trade within 12 years.
By the late 1960s, the area of LAFTA had a population of 220 million and produced about $ 90 billion of goods and services annually.
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