Latin American Free Trade Association
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The Latin American Free Trade Agreement (LAFTA) passed in 1961 to promote free trade in Latin America. It was replaced in 1981 by the Latin American Integration Association.
Some supporters of these free trade agreements claim that they help Latin American countries develop economic independence from foreign powers. But free trade can often enrich multinational corporations while causing a loss in small business jobs.
LAFTA now includes:
- 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 the Bolivarian Republic of Venezuela.