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What Agreement Set Up A Free Trade Zone In Latin America

According to a study by the Inter-American Development Bank (IAB), Latin America and the Caribbean could add an additional $11 billion in trade flows per year by merging 33 separate agreements into a single regional free trade bloc. The Latin American Free Trade Association LAFTA (later transformed into a Spanish Latin American integration association: Asociacion Latinoamericana de Integracion, in Portuguese: Associao Latino-Americana de Integrao) was founded in 1960 in the Treaty of Montevideo by Argentina, Brazil, Chile, Mexico, Paraguay, Peru and Uruguay. The signatories hoped: In 1980, LAFTA has been transformed into the Latin American Integration Association (ALADI), which now has 13 members: Argentina, the Republic of Bolivia, the Federal Republic of Brazil, the Federal Republic of Chile, the Republic of Chile, the Republic of Colombia, the Republic of Cuba, the Republic of Ecuador, the United States of America, the Republic of Panama, the Republic of Paraguay, Peru, the Eastern Republic, the Republic of Uruguay and the Republic of Venezuela. The last summit was held in Mar del Plata (Argentina) in November 2005, but no agreement was reached on a free trade agreement. Of the 39 negotiations, 20,20 countries agreed to reconvene in 2006 to resume negotiations, but no meetings were held. The failure of the Mar del Plata Summit to establish a comprehensive agenda for free trade agreements was not well received. We all like the word free, even if we are rather skeptical about it, because life teaches us: “There is no free lunch.” This word may seem misleading, so to help you better understand how FTZ works, we partnered with Maria Camila Moreno, Executive Director of the Association of Free Trade Areas in the Americas (AZFA), and asked her a few questions to clarify what FTZs were and, most importantly, how useful it was to you. Below are the three things we put together in our interview that you may not have known about free trade zones in Latin America. The aim of laFTA is to create a free trade area in Latin America.

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