We have listed all the clues in our database that match your search. There will also be a list of synonyms for your answer. Synonyms have been arranged according to the number of characters so that they are easy to find. The Treaty of Asunción was signed on 26 March 1991 between Argentina, Brazil, Paraguay and Uruguay. The treaty signed in Asunción was aimed at the creation of a common market between the participating countries, commonly known as Mercosur (Common Market of the South). Subsequently, the Contract of Ouro Preto was signed to complete the first treaty, which stipulated that the Treaty of Asunción was to be a legally and internationally recognized organization. Since the Spanish-American Wars of Independence, there have been several types of organizations and treaties with the aim of socially and economically integrating South America. The Latin American Economic Commission was established on 25 February 1948 with the aim of carrying out studies aimed at the integration of these countries and the expansion of national markets and industrial development. The Latin American Free Trade Association (NAFTA) was created in 1960 with the same goal of regional integration, but in the 1970s, NAFTA was unable to create a common market among them. South American countries could not compete with international free markets and the integration crisis was exacerbated by the oil crisis of 1973.
The Treaty sets out a programme for the phasing out of import/export duties, which was to lead to a free trade area by the end of 1994. Although the deadlines of the programme have not been respected and the free zone has not yet been reached, the treaty laid the foundations for the “Mercado Común del Sur” (Mercosur). The Andean Pact, signed in 1969, included the countries of Bolivia, Colombia, Ecuador, Peru and Venezuela, while Chile and Panama participated as observers. The Latin American Association for Integration was established in 1989 to achieve economic integration between Argentina, Brazil, Bolivia, Chile, Colombia, Ecuador, Mexico, Paraguay, Peru and Venezuela. Brazil and Argentina signed the Treaty of Buenos Aires, which was to establish economic integration between the two countries, and the Treaty of Asunción was signed to complement the Treaty of Buenos Aires to which Uruguay and Paraguay acceded. . . .