Latin American Integration Association
Organization aiming to create a common market in Latin America; to promote trade it applies tariff reductions preferentially on the basis of the different stages of economic development that individual member countries have reached. Formed in 1980 to replace the Latin American Free Trade Association (formed in 1961), it has 11 members: Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Mexico, Paraguay, Peru, Uruguay, and Venezuela. Its headquarters are in Bogotá, Colombia.
