What does LAFTA mean in International Business?

This page is about the meanings of the acronym/abbreviation/shorthand LAFTA in the Business field in general and in the International Business terminology in particular.

Latin American Free Trade Association

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Definition

What does LAFTA mean?

Latin American Free Trade Association
The Latin American Free Trade Association, LAFTA, (later transformed into the Latin American Integration Association Spanish: Asociación Latinoamericana de Integración, Portuguese: Associação Latino-Americana de Integração) was created in 1960 in the 1960 Treaty of Montevideo by Argentina, Brazil, Chile, Mexico, Paraguay, Peru, and Uruguay. The signatories hoped to create a market in Latin America and offered tariff rebates among member nations. In 1980, LAFTA reorganized into the Latin American Integration Association (ALADI) which now has 13 members: Argentine Republic, Republic of Bolivia, Federative Republic of Brazil, Republic of Chile, Republic of Colombia, Republic of Cuba, Republic of Ecuador, United Mexican States, Republic of Panama, Republic of Paraguay, Republic of Peru, Eastern Republic of Uruguay and Bolivarian Republic of Venezuela. The Latin American Free Trade Association came into effect on January 2, 1962. When the trade association commenced it had seven members and its main goal was to eliminate all duties and restrictions on the majority of their trade within a twelve-year period. By the late 1960s the area of LAFTA had a population of 220 million and produced about $90 billion of goods and services annually. By the same time it had an average per capita gross national product of $440.By 1970, LAFTA expanded to include four more Latin American nations which were Bolivia, Colombia, Ecuador, and Venezuela. It now consisted of eleven nations. In 1980, LAFTA reorganized into the Latin American Integration Association (Asociación Latinoamericana de Integración, ALADI) The membership of ALADI had remained unchanged until Cuba joined in 1999.

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"LAFTA." Abbreviations.com. STANDS4 LLC, 2021. Web. 5 Mar. 2021. <https://www.abbreviations.com/term/30805>.

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