Latin American Free Trade Association

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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 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. In 1980, LAFTA reorganized into the Latin American Integration Association (ALADI) which now has 13 members: Argentina, Bolivia, Brazil, Chile, Colombia, Cuba, Ecuador, Mexico, Panama, Paraguay, Peru, Uruguay, and Venezuela.