Five South American nations formally joined in an association Monday (26 May) intended to develop an Andean Common Market.
FORMAL SIGNING IN BOGOTA OF "PACT OF THE ANDES," SETTING UP COMMON MARKET.
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Background: Five South American nations formally joined in an association Monday (26 May) intended to develop an Andean Common Market. The countries which signed the pact are Bolivia, Chile, Equador, Colombia, and Peru.
Venezuela, which took part in the 33 months of negotiations which led to the "Treaty of the Andes", did not sign the international agreement. The Venezuelan government will have 18 months to join the new common market on the same basis as other founders.
If the Andean Common Market serves its intended purpose, a large part of the five nations' 2,500,000,000 dollars worth of imports from the United States will be replaced with ??? made within the bloc.
The population of the Andean Common Market will be 60,000,000 - approximately equivalent to that of Britain. Its land area will be equal to half that of the United States.
The delegates at Bogota were encouraged in their efforts by the success of a similar trade venture - the Central American Common Market. If the nations in the new Andean group can match the trade increases of the Central American group, their trade with each other will increase from the present 100,000,000 dollars to 500,000,000 dollars by 1975.