IMPACT OF LATIN AMERICAN INTEGRATION ON THE ECONOMIC DEVELOPMENT OF COLOMBIA
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The industrialization process began in Latin America as a way to promote economic growth, and at the same time to save foreign exchange. Import substitution policies were adopted in almost every Latin American country. High tariffs and other import restrictions were adopted in order to protect the infant industries. Tax exemptions and other incentives were created in order to promote domestic and foreign investments.
While the process of import substitution continued, there were increasing needs for the importation of intermediary and capital goods, Under these circumstances, the Latin American countries initiated programs of regional integration. In 1958 the Central American Isthmian countries, except Panama, created the Central American Common Market (CACM). In 1960 the Latin American Free Trade Association (LAFTA) was founded and involves all South American countries, plus Mexico. The purpose of this paper is to analysze the effects of LAFTA on the economic growth of Colombia, based on the main objectives of LAFTA.