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Central American Common Market |
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Central American Common MarketEconomic alliance established in 1961 by El Salvador, Guatemala, Honduras (seceded in 1970), and Nicaragua; Costa Rica joined in 1962. Formed to encourage economic development and cooperation between the smaller Central American nations and to attract industrial capital, CACM failed to live up to early expectations: nationalist interests remained strong and by the mid-1980s political instability in the region and border conflicts between members were hindering its activities. Its offices are in Guatemala City, Guatemala. |
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Adoption of a treaty of friendship and non-aggression by the democracies of Central America would formalize a regional security relationship that reinforces the economic framework being pursued through the Central American common market and CAFTA. To help reactivate the Central American Common Market and reduce temporary imbalances in the countries' balance of payments, the European Economic Community has allocated ECUs (European Currency Unit) 120 million (about $163 million) to establish a subregional payment system, with adequate funding and a credit system to facilitate payments. The programme of immediate action includes two high-priority areas: external debt servicing, and financing the reactivation of the Central American Common Market and the temporary disequilibrium of the balance of payments of individual countries. |
Central American Common Market
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