ALALCAsociación Latinoamericana de Libre Comercio (Spanish: LAFTA)
ALALCAssociação Latino-Americana de Livre Comércio (Portuguese: LAFTA)
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En cuatro anos, todos los aranceles de todos los productos de los cuatro paises fueron bajados a cero sin que se produjera la resistencia empresaria que hubo en la ALALC en la decada de los 60'.
Similarly, when the ALALC came to its foreseen end in 1980, it gave way to an even less effective organization, the Latin American Development and Integration Association (ALADI).
ALALC also admitted to the formation of subregional blocs and permitted the creation of the Andean Pact in 1969, with the participation of Chile, Bolivia, Colombia, Ecuador, and Peru, which were later joined by Venezuela in 1974.