Overview: Latin America‘s experience with regional economic integrationhas been only slightly shorter than that of Europe. In fact, the firstattempt at integration started as early as 1960, with the creation ofLAFTA - the Latin American Free Trade Area (subsequentlyreplaced by LAIA - the Latin American Integration Association).LAFTA, composed of 11 countries, sought, unsuccessfully, to create afree trade area in 12 years. In 1969, the Andean pact, which sought,also unsuccessfully, to create a sub-regional free trade area, was setup. Recently the Presidents of Argentina, Brazil, Paraguay and Ur
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