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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