LAFTA (Latin American Free Trade Association)

LAFTA, or the Latin American Free Trade Association, was an economic organization established in 1960 to promote free trade among Latin American countries. Its goal was to reduce tariffs and trade barriers, encouraging economic integration and cooperation within the region. By facilitating easier movement of goods and services, LAFTA aimed to boost economic growth and development in Latin America. It was an early step toward regional economic collaboration, eventually evolving into other agreements like Mercosur and the Latin American Integration Association (ALADI).