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Central American Common Market |
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Central American Common Market (CACM), trade organization envisioned by a 1960 treaty between Guatemala, Honduras, Nicaragua, and El Salvador. The treaty established (1961) a secretariat for Central American economic integration, which Costa Rica joined in 1963; Panama now has observer status in some areas. By 1970 trade between member nations had risen more than tenfold over 1960 levels, and imports doubled and a common tariff was established for 98% of the trade with nonmember countries. However, the 1969 war between El Salvador and Honduras led to the latter's effective withdrawal, and the political turmoil in Central America during the 1970s and 80s left the organization moribund. The 1990s saw a revival of the organization, but its ultimate place with respect to the Central American Free Trade Agreement (signed 2004, and including the Dominican Republic and the United States) and the proposed (2001) Free Trade Area of the Americas is unclear. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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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. |
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