Capítulos

Special Edition 1996

Toward the convergence of the regional integration processes

SELA Permanent Secretariat

---

The following article is a summary of the document "The Regional Convergence Process and the Establishment of the FTAA", presented by the Permanent Secretariat of SELA at the III Meeting ALADI/ECLAC/SELA of Latin American And Caribbean Government Officials Responsible for Trade Policy, held in Montevideo (Uruguay) on 21 October 1996.


---

I. Some bases for the convergence process

The globalization of economic processes does not exclude the search for a better international position by creating regional integration areas. On the contrary, preferential deregulation of trade in goods, services and production components, and the application of exclusive trade regulations among regional groups has become a crucial strategy in improving the participation of both developed and developing countries in our world economy.¹

Upon conclusion of the Uruguay Round of the GATT, a new more transparent and predictable performance plan was configured to regulate international trade. The plan makes the extension of the bilateral and subregional integration schemes to a regional scale more viable². Furthermore, the Round upheld the consistency of the partial trade liberalization efforts and multilateral disciplines.

The foundation for the compatibility between multilateral and regional integration is to avoid integration agreements which divert the trade in goods or services from non-Member countries, and to ensure that commitments to eliminate barriers are expanded to encompass all trade, or that they have a considerable sector coverage in the case of preferential service agreements.

In truth, it can be said that the multilateralism arising from the Uruguay Round tends to stimulate, or at least does not contradict integration because it establishes the mandatory nature of the observance of minimum norms common to all schemes and agreements, and thus inhibits the creation of closed protectionist blocs. In this regard, the WTO itself is joining in the belief that the integration schemes and agreements complement the multilateral advances and stimulate overall liberalization. In January 1996, a work group was successfully set up within the framework of the WTO to study the problem associated with regionalism.

The general consensus regarding the customs unions and free trade area agreements which have been signed in Latin America and the Caribbean is that not only have the barriers to trade with other countries increased, but that new international trade issues have been incorporated.

As the countries of the region make advances in subscribing and perfecting integration agreements, the interest and the need to preserve the regional character of the integration process grows. This need is based on solid reasons such as the following:

1. Regional-scale convergence is a step closer to multilateralism and is increasingly less discriminatory to the extent in which more countries join the process of dismantling intraregional protection;

2. The integration of the entire region represents a better alternative in terms of the benefits for scale and specialized economies than the subregional and bilateral sub-system;.

3. The increased articulation of the schemes provides grounds to face the difficulties arising due to the diversity of the trade regulations resulting from the overlapping of several intraregional liberation schemes and agreements;, and

4. Preferential hemispheric and regional-scope agreements are increasingly sound in the midst of large-scale free trade projects around the world that focus on attracting investments and technologies, as is the case of the Asia Pacific.

Near the beginning of the new century and in view of the evidence of the increasing importance of international trade to obtain the specialization of the economic activities of the nations, efforts towards converging and articulating the Latin American and Caribbean integration agreements have proven to be adequate strategy for placing an array of goods and services from the countries of the region competitively into world trade flows.

However, diverse obstacles still persist. Comparative analyses of the main schemes existing in the region (customs unions and free trade areas) show that, although they have contributed considerably to trade liberalization, they contain different conditions for accessing the markets; several levels of obligations in similar trade matters; dissimilar approaches to the treatment of certain disciplines; as in the case of the emergency measures; and the lack of regulation or of comprehensive regulation regarding new international trade issues such as services, investments, intellectual property and government purchases³.

Contradicting and costly signals could thus arise and mislead economic agents who must adapt their productive processes according to the area targeted for their exports of goods and services, or their investments, and distortions may occur in placing investments that would be subject to artificial advantages or the lack of guaranties, rather than the actual possibilities of specialization offered by regional economies.

The viability of advancing towards the standardization of trade regulations does not depend exclusively on the negotiation of more consistent policies that are coherent with international regulations, but also on the progress or regression of the national economies in several fields. These include obtaining a coherent and stable macroeconomic framework; market deregulation; promoting export competitiveness through so-called "meso-economic" policies (infrastructure, technological development, work education, etc.); removal of obstacles to foreign investment; the opening of the financial markets; and, the development of the capitals markets.

On the internal political plane, noteworthy is the support that the democratic consolidation and the efforts to increase transparency, as well as the efficiency and social responsibility of institutions represent.

This concertation favors expanding economic, political and social ties. In essence, the feasibility and speed of the convergence will also depend on the assimilation of integration as a multidimensional democratic phenomenon on different social planes, in turn, permitting the revaluation of the regional market in which the different countries participate⁴.

There is no doubt that convergence will tend to strengthen the Latin American and Caribbean voice before other groups of countries. It is necessary to face the discriminatory effects and greater negotiation power that shall result from the thrift progress seen currently in other continental preferential blocs. Furthermore, with the current, more sophisticated, and more difficult to oppose protectionist practices adopted by industrialized countries, the forming of increasingly larger groups of countries makes ever more sense as a trade compensation and common representation mechanism in sensitive trade areas.

II. Advances in the regional integration process and its convergence

1. General trends

The main progress in the integration process in Latin America and the Caribbean during this decade has been obtained through subregional and bilateral agreements. Following is a summary of the most relevant guidelines and similarities of these schemes⁵:

a) Broad or total elimination of customs tariffs, as opposed to product-by-product negotiations. In this regard, goals that are more ambitious than those used in the preference areas are set, considering the creation or gradual consolidation of free trade areas, customs unions and the future forming of common markets.

b) Establishment of a schedule for the liberalization of customs and non-customs trade barriers, including specific goals for their elimination, reduction or harmonization, as also the progressive and scheduled elimination of the list of exceptions in force at the onset of the liberalization progress.

c) Harmonization of commercial policy rules, such as safeguard clauses, rules of origin, practices regarding subsidies, systems against unfair trade and technical standards.

d) Increasing diversification of the matters subject to negotiation, by dealing in areas beyond trade in goods, such as services, investments, intellectual property, movement of people, government purchases and the environment. Also, guidelines for the future free circulation of factors (capital, technology and labor) in the broadened markets.

e) Special regulations for the reciprocal opening and for supplies in certain sectors deemed strategic or sensitive, such as the agricultural, automotive and energy sectors.

f) Acknowledgment of the structural differences between the countries in the region, but restatement of the approach towards automatic differential treatments through pragmatic modalities based on the solution of the countries' actual and concrete problems.

g) Flexible and non-permanent institutional arrangements in the integration schemes that differ from those of traditional agencies; flexible and coordinated mechanisms for the settlement of controversies, and actions that allow including non-government parties in the negotiation processes.

h) The possibility of receiving new members and negotiating and interacting with other regional and extra-regional integration schemes.

2. Types of integration agreements

The specific analysis of integration agreements can be made from two standpoints. One relates to their contents, regarding the modes for broadening preferential markets and the scope and depth of the commitments made. The other focuses on the geographical and geostrategic position of the various groups and the possibilities for their mutual convergence.

In addressing the contents of the agreements, reference must be made to the differences resulting from the type of scheme, scope, coverage and degree of harmonization of policies⁶.

a) Customs unions in the perfecting stage

There are currently four customs unions in the process of consolidation in the hemisphere: the Andean Pact, the Central American Common Market (CACM), the Caribbean Community and Common Market (CARICOM) and the Common Market of the South (MERCOSUR). In spite of the progress made, these unions are still not perfect due to the exceptions that affect the preferential margins and the limited or restricted participation of some countries. Nonetheless, these schemes have shown the highest growth in intraregional trade and are expected to promote the formalization of a unified market among its members in the next five years.

b) "First generation" Free Trade Areas

These are characterized by their essentially commercial nature in promoting total liberalization through simple and transparent mechanisms, although with a moderate degree of selective differentiation in terms of the pace and modalities for liberalization of groups of items. An example of these modalities are the free trade areas agreements between Chile and several countries, such as Bolivia, Colombia, Ecuador, Mexico and Venezuela, as well as the recent Chile - MERCOSUR Complementation Agreement. These agreements promote the total liberalization of practically all customs tariffs.

c) "New generation" Free Trade Areas

These cover a broader scope, which is the trade of goods, extending to services, investments, intellectual property and government purchases. They contain more complex and elaborate provisions regarding competition and are more selective in the process of broadening the market. The treaties signed by Mexico, Colombia and Venezuela (G3), Mexico and Costa Rica, and Mexico and Bolivia are included in this group. If we consider the North American Free Trade Agreement (NAFTA), the new generation agreements would cover about 86% of the intrahemispheric trade for 1994, and it is expected that by 2004 all trade tariffs will be eliminated on 95% of the customs items among the member countries.

3. Geostrategic position of the integration schemes

Beyond their preference modalities, integration agreements may be classified according to their geostrategic position. From this approach, the advantages associated with the vicinity, infrastructure, entrepreneurial relationships, and the greater reciprocal circulation of goods, services and capital become more important.

The areas in which integration is most evident adjust to the configuration of the American hemisphere itself, that is, South America, Central America, the Caribbean and North America, including Mexico. Although some countries are members of two or more schemes, it is evident that each area has very dynamic subregional and bilateral systems that are gradually consolidating. In addition, there is a dynamic process aimed at establishing the FTAA.

a) South American Area

In South America, the most characteristic groups are ALADI, which includes Mexico, with a regional projection, and the Andean Pact and MERCOSUR, at a subregional level. ALADI has provided an institutional and legal framework for numerous bilateral and plurilateral agreements between its member countries.

Since the end of the last decade, the signing or re-negotiation of "economic complementation agreements" has become especially dynamic. There are approximately thirty agreements that foresee more ambitious commitments for trade liberalization and economic cooperation, as compared with the agreements signed at the beginning of the eighties to include the so-called "historical heritage" that resulted from the former LAFTA⁷.

There is a contrast between the dynamic partial scope agreements and ALADI's less dynamic mechanisms to develop regional coverage, except for the valuable example of the Reciprocal Payments and Credit Agreement⁸. Nevertheless, as a result of the strong trade development of the sub-regions and their approximation among each other, especially among countries of MERCOSUR, the Andean Pact, and Chile, the southern part of the hemisphere has become an important place for internal relations with a valuable convergence perspective⁹.

Since Brazil's proposal for the establishment of a South American Free Trade Area (SAFTA), ratified by the other group members, MERCOSUR obviously has been attractive to the remaining countries of South America and could be an axis for convergence in view of the scope of current negotiations¹⁰. MERCOSUR's Resolution 45 set the grounds for commercial re-negotiation with other South American member countries of ALADI, tending to achieve free trade agreements. To date, Bolivia and Chile have completed broad-coverage negotiations with MERCOSUR that will allow the establishment of free trade spaces towards 2010.

The remaining Andean countries, pursuant to Decision 321 of the Andean Pact Commission, are advancing in the re-negotiation of ALADI's historical heritage with MERCOSUR and hope to sign free trade agreements with MERCOSUR by 19 97 at the latest¹¹. The most advanced conversations are those of Venezuela and Brazil as a result of the political rapprochement between the Heads of State of these countries and the heightened interest of the neighbors in trade, energy and infrastructure issues.

Chile has managed to enter a net of bilateral free trade agreements in South America that include, besides MERCOSUR, with Venezuela (July 1, 1993), Colombia (January 1, 1994) and Ecuador (January 1, 1995). Once the Chile-MERCOSUR agreement, signed June 25, 1996, becomes effective, and negotiations are concluded with Peru, Chile shall be the first member of ALADI in establishing with the other partners of this Association a free trade area, which shall represent the sum of the respective partial-scope agreements and the new commitments. Only a similar agreement with Bolivia remains for the completion of this plan.

One may conclude, based on the current agreements and those that are in process of being signed over the next two years, that South American ALADI-member countries will form a free trade area between the years 2005 and 2010¹², that could include, according to the results of current negotiations, Mexico.

b) Central American and Caribbean Area

A major expression of the reciprocal relationships in this area is the recently-formed Association of Caribbean States, ACS, focusing on the entire Central American and Caribbean area. In 1995, the ACS managed to congregate 25 countries and 12 territories in the Caribbean Basin. The Action Plan adopted by this Association covers areas such as the development of external trade and economic relations; the protection and preservation of the environment; natural resources; cooperation with regard to science, technology, health, education and culture; and, soon, tourism and transportation, in addition to the purpose of liberalizing trade among the countries of the Basin¹³.

In turn, after a number of summits of Heads of State and Government beginning in 1990, actions aimed at rebuilding the Central American Common Market led to the adoption of a partial customs union in 1993. The re-negotiation of a uniform tariff for Central America, the elimination of most obstacles to intraregional trade and the signing of several common trade policy instruments have all been attained. Although there are still actions pending for the perfection of the free trade area, and there are still differences regarding external tariffs, trade growth within the expanded market has been impressive in recent years.

As to CARICOM, the Heads of State and Governments of the Community in 1989 undertook the task of establishing a Single Market and Economy (Declaration of Grand Anse, Grenada). Since then, efforts to remove obstacles in most of the trade and the perfecting of external tariffs have become more intense. This Declaration is in force for 11 of the 14 members of CARICOM. Progress has also been seen in areas such as rules of origin, common names, customs valuation, free movement in the area for tourism and university professionals¹⁴.

Dynamism within the Central American area also favors convergence. Achievements include, in particular, the return of Honduras to the Central American process, the formal involvement of Panama in economic integration through the Guatemala Protocol, and the participation of Belize as an observer and the Dominican Republic as a special guest, all of which has given it a greater political projection and facilitates the convergence of the Central American integration process.

c) North American Free Trade Agreement Area

The NAFTA (North American Free Trade Agreement) and its subsidiary agreements, which became effective on January 1, 1994, foresee the elimination of customs tariffs on trades in goods within a term of fifteen years achieved through the use of an advanced regulatory framework on trade policy. It also includes provisions to regulate trades in services, protection for investments, intellectual property and the environment, qualified labor movements and the solution of controversies. The NAFTA is more advanced than the bilateral free trade agreement signed in 1989 between the United States and Canada, and includes an adhesion clause that allows this free-trade area to also serve as a convergence pole for the liberalization of trade in the hemisphere.

4. Relationships among intraregional countries and schemes

Economic integration and free trade are receiving a major boost in the nineties through actual and potential agreements among countries and integration schemes for the various areas in the region and the hemisphere, as summarized hereinafter:

a) Relationship between South America and Central America and the Caribbean

Colombia, Mexico and Venezuela (G3), "new generation" free trade area, effective since January 1, 1995.

CARICOM-Venezuela Agreement, signed in October, 1992, with non-reciprocal access for five years to the Venezuelan market.

CARICOM-Colombia Agreement, signed in July 1994, with non-reciprocal access for most imports from CARICOM to the Colombian market and the subsequent granting of reciprocal concessions by major Caribbean economies to Colombia.

Colombia and Venezuela-Central America Agreement, currently being negotiated.

Chile-Mexico, "first generation" free-trade area that includes a tariff liberalization program that will totally eliminate liens and restrictions in 1998, with a reduced list of exceptions.

Costa Rica-Mexico, free-trade area that covers commitments in the areas of investment, agriculture, services, rules of origin, intellectual property and trade regulations, which became effective January 1, 1995.

Bolivia-Mexico, agreement signed in January 1995 which foresees the establishment of a free-trade area.

Agricultural Agreement for free trade in seeds between ALADI countries and Cuba.

Bilateral agreements between Argentina-Cuba; Uruguay-Cuba; Peru-Cuba; Colombia-Cuba; Brazil-Cuba; Venezuela-Cuba; Venezuela-Trinidad and Tobago; and Venezuela-Guyana, signed between 1984 and 1994, whereby the parties grant each other commercial advantages that may be extended to the less-developed countries of ALADI.

b) Relationship between South and North America

The main relationships are being developed within the framework of discussions and technical projects currently underway so that negotiations for the establishment of the FTAA may be concluded by 2005.

Chile and Canada are currently negotiating a free trade agreement.

The Andean Trade Preference Law, granting since 1991 a broad non-reciprocal 10-year preferential access to the United States for exports from Bolivia, Colombia, Ecuador and Peru.

c) Relations between Central America and the Caribbean and North America

The Caribbean Basin Initiative, which since 1984 exempts almost all products imported from 25 countries or territories within the area from U.S. taxes. In 1990, the treatment became permanent through the Law on Economic Recovery of the Caribbean Basin.

CARIBCAN or Canada's non-reciprocal trade preference system for a group of countries in the Caribbean Basin.

The recently renewed San Jose Pact, whereby Mexico and Venezuela grant to Central American and Caribbean countries facilities to purchase oil.

d) Intrahemispheric relations

As mentioned above, at the Summit of the Americas in December 1994, the establishment of the FTAA was decided and negotiations should be completed at the latest by 2005, upon the basis of the existing subregional and bilateral agreements, which should be broadened, expanded and made more compatible or "more similar".

e) Pending relationships

Taking into account the set of integration agreements by pairs or groups of countries, there are some negotiations pending to be completed to advance towards the regionalization of free trade among the countries of the region and the hemisphere, namely:

MERCOSUR - Andean Community, currently in an advanced stage of coordination of the negotiation modalities for the agreement between both sub-regions;

CARICOM - Central America, preferential relationship that could be broadened within the framework of a potential negotiations plan sponsored by the Caribbean States Association, so as to include those countries that are not parties to any scheme (Cuba, Haiti, Dominican Republic);

Mexico - MERCOSUR, a negotiation that due to its implications and complexities could take more time.

Chile and the Andean countries with which it has not yet negotiated bilateral agreements.

Mexico and the Andean countries (Bolivia, Ecuador and Peru) which are not G3 members.

MERCOSUR, Chile and the Andean Community (except for Colombia and Venezuela) with the countries of Central America and the Caribbean, including countries that are not currently parties to any subregional integration scheme;

Latin American and Caribbean countries and the United States and Canada, except for Mexico which is integral to negotiations for the establishment of the FTAA.

5. Progress in trade interdependence

The growth of the total volume of exports from Latin America and the Caribbean over the last ten years has not surpassed world rates, except in 1993, and has been notably lower than that of exports of developing countries and Southeast Asia (Chart 1)¹⁵. The strength of regional imports, on the other hand, has been a stimulating factor for world trade. The recovery of the volume imported in the nineties allowed to exceed, up to 1994, the rates for industrialized and developing countries and, thereafter, a lower relative dynamism is recorded.

Source: ECLAC
(*) Estimates

Source: ECLAC

Source: ECLAC and IDB




In spite of not having surpassed the commercial activities of the more dynamic world markets, the diversification of destination and origin markets for imports has been important, thanks to the growing participation of the markets of Latin America and the Caribbean. Chart 2 shows how this region benefited from the import recovery of years 1990 - 1994, so the self-supplying coefficient improved for the countries of MERCOSUR, the Andean Community, CACM and Chile. If Mexico, which has been strengthening its ties with the United States and Canada is excluded, in the nineties the Latin American countries became the major suppliers of ALADI with 26% of imports, a percentage similar to that of the United States.

But the growing importance of the markets of Latin America and the Caribbean is more intensely noted from the standpoint of export destinations. MERCOSUR went from placing 17.2% of its exports to the whole region in 1990, to 30.5% in 1994. The respective increase was from 14.6% to 24.8% for the Andean Community; 23.1% to 31.1% for the CACM; 13% to 21.9% for Chile; and 13.1% to 19.2% for ALADI (Chart 3). If the latter country is not taken into account, the privileged position of the United States as a preferred destination for ALADI exports, descends to second place.

Total intraregional exports went from US$ 16.1 billion in 1990, to about US$ 40 billion in 1995, that is, they grew by 150%. They thus increased their share in global trade from 13.1% to 21% during those five years. Integration agreements contribute to explain this favorable behavior, especially the trade dynamism among the sub-regions of the ALADI countries (Chart 4). In the case of MERCOSUR, the integration coefficient went from 8.9% to 22% and, in the case of the Andean Community, from 4.1% to 11.9%. For the total of ALADI, the increase of reciprocal exports went from 10.8% to 17.5%, which percentage has no precedents in this integration scheme.

Certain particular traits of intraregional trade have become more evident over the last few years, especially¹⁶:

a) Generally speaking, all countries in Latin America have significantly increased their relationship with the regional market. The determining factors for this have been the opening process and the depth and scope of preferential negotiations, in addition to the well-known effects of bilateral exchange rates and economic growth in each of the countries.

b) The geographical and, especially, the neighboring factor, have been vital for the growth and structure of the trade flows, which factors tend to coincide with the forming of subregional agreements.

c) Within subregional schemes there are very dynamic axis that explain the high growth of trade, mainly Argentina and Brazil; Colombia and Venezuela; Colombia and Ecuador; Guatemala, Costa Rica and El Salvador, and the four most developed countries of CARICOM. With regard to small countries or those with less relative development, surrounded by larger or medium countries, trade is exceptionally important for the small ones, such as Paraguay and Uruguay.

d) The structure of intraregional trade is more intensive for manufactured goods, than the respective structure of exports to the world. According to UNCTAD's definition, this category of goods went from 51% to 58% in intraregional exports between 1990 and 1994, while in total exports, the percentage of manufactured goods went from 33% to 50%, although this latter value is strongly influenced by toll-manufactured goods from Mexico to the United States.

e) Trade relations between schemes is relatively low and its progress is slower than the flows between schemes. This weak implementation may be noted, for example, between MERCOSUR and the Andean Community; the Andean Community and the CACM; ALADI countries and those of CARICOM; and trade between Central America and CARICOM. Bilateral trade in some countries is practically nil, regardless of the variety and intensity of preferences. This is the case of Paraguay and Uruguay, for example, with the Andean Community countries, or even within the latter, the relationship between Bolivia and Venezuela. This is related to the structural characteristics of the economies and with the costs of penetrating small and distant markets.

f) The role of intraregional investments is highlighted as an element that results from the growth in intraregional trade while it encourages it.

Although the foregoing confirms the importance of the neighborhood, a trade relationship between distant countries is possible, as shown by the recent high levels of trade between Chile and Mexico after entering into a bilateral free trade agreement in 1991 which led, to a great extent, to an increase in trade between both countries from about 342 million in 1995 to 518 million dollars in 1995.

NOTES

1. Fuentes A. y Villanueva J., Economía Munidal e Integración de América Latina. IDB-INTAL, Editorial Tesis, Buenos Aires, 1989.
2. Ratification of the results of the Uruguay Round by the overwhelming majority of the countries of the region provides a regulatory framework for the most relevant segment of their international trade relations. ALADI, Study for the preparation of a schedule of actions for the articulation and convergence of various integration schemes: General Part. Document ALADI/SEC/ dt 370, September 1994.
3. Ibid.
4. Vacchino, Juan Mario, In the area of globalization. Integration spaces and options. SELA Chapters; No. 45, Caracas, January-March 1996.
5. ALADI: The role of ALADI in the institution of the new integration process. Document ALADI/SEC/Study 86. Montevideo, June 1995.
6. Garay L. J. and Estevadeordal A, Protection, preferential liberalization and rules of origin in the Americas. IDB, Washington DC, June 1985. See also, SELA, Strategic Notes No. 11 (February 95), 20 (March 96) and 25 (August 96), relating to the contradictions between regionalism and multilateralism, as well as the various aspects involved in the convergence process and in the new trade policy in Latin America and the Caribbean.
7. ECLAC, Intraregional trade and investment evolution and perspectives Document LC/R, 1623. Santiago de Chile, February 1996.
8. See analysis on the lack of commercial gravitation of mechanisms such as PAR in ALADI, Intraregional trade dynamics and the preference system existing within ALADI's sphere. ALADI/SEC/dt 380.8 document. Montevideo, June 1995.
9. For further information on major progress in economic integration of MERCOSUR and GRAN see ALADI, The role of ALADI in the institution of the new integration process. ALADI/SEC/Study 86 document, Montevideo, July 1995.
10. Vacchino, Op. Cit.
11. The Andean Pact Commission confirmed in July 1996, at its Caracas meeting, that the decision that the negotiations on the historical heritage and new products with MERCOSUR, be made upon prior consultation of the commercial interests of the custom union's member countries. The agreement reached by Bolivia with MERCOSUR will also be submitted to the Agreement's authorities.
12. ALADI, Analysis of the Preference System of ALADI. ALADI/SEC/dt. 380.5 document. Montevideo, May, 1995.
13. ECLAC , The regional integration process and inter-regional trade. SELA Chapters, No. 45, Caracas, January-March 1996. SELA, Commercial Relationships in the 21^st Century: Challenges faced by the Association of Caribbean States, August, 17-18, 1995. (Corr. 2).
14. Recent integration advances in the CACM and CARICOM may be inquired with SELA, Synthesis of the Trade Policy Rules applied in Central American and the Caribbean Community integration Agreements. ALADI/ECLAC/SELA/RGPC/DT. 3, Quito, October 1994.
15. The commercial performance of this region is, however, very heterogeneous and is strongly influenced by the behavior of Mexico and Brazil representing 57% of total exports in 1994. ECLAC, The Open Regionalism of Latin America and the Caribbean in International Economics. Document LC/R 1622, Santiago de Chile, February 1996.
16. A greater detail of the trade characteristics in the integration processes may be found in ALADI, Analysis of the Preference System... Op. Cit. ECLAC. The regional integration process and trade..., Op Cit.; Development of the Integration Process in Latin America and the Caribbean. May 1995. ALADI, The dynamics of intraregional trade and the preference system.. Op. Cit., IDB, Economic Integration in the Americas, May 1995. SELA, The Integration Process in Latin America and the Caribbean - Recent Progresses. July 1995; Economic Opening and Regional Integration: Financial mechanisms for supporting trade and investments in Latin America and the Caribbean, July 1995.

http://www.sela.org
sela@sela.org
   SELA,  Secretaría Permanente
Av Francisco de Miranda, Torre Europa, Piso 4, Urb. Campo Alegre,
Caracas 1060- Venezuela
Tlf: (58) (212) 955.71.11 Fax: (58) (212) 951.52.92