Chapter 1. Early Attempts At Latin American And Caribbean Economic Integration

Abstract

The economic integration projects, which were revived or have appeared since the 1990s, have been much more successful in terms of fomenting significant increases in intra-regional trade. The idea for the Central American Common Market (CACM) originated in the Mexico City office of the UN Economic Commission for Latin America. Frustration with Latin American Free Trade Association (ALALC)s shortcomings led Bolivia, Chile, Colombia, Ecuador, and Peru to sign the Cartagena Agreement on May 29, 1969. This agreement, which Venezuela signed in 1973, led to the establishment of the Andean Pact. The Caribbean Common Market and Community (CARICOM) has its roots in the West Indies Federation (19581962), and the Caribbean Free Trade Area (CARIFTA) founded in 1965. The decision to create the world trade organization (WTO) was a desire by the participating countries to provide a solid institutional structure that would oversee the international trading order.Keywords: Caribbean Common Market and Community (CARICOM); Caribbean Free Trade Area (CARIFTA); Central American Common Market (CACM); economic integration projects; Latin American Free Trade Association (ALALC); world trade organization (WTO)