Latin American Free Trade Association

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.

Source: Wikipedia — Latin American Free Trade Association (CC BY-SA 4.0)