An intergovernmental organization created with the aim to promote the expansion of markets and guarantee an effective economic development to the region. The original Andean Pact was founded in 1969 by Bolivia, Chile, Colombia, Ecuador, and Peru. In 1973 the pact gained its sixth member, Venezuela. In 1976 however, its membership was again reduced to five when Chile withdrew. Venezuela announced its withdrawal in 2006, reducing the Andean Community to four member states. With the cooperation agreement with Mercosur, the Andean Community gained four new associate members: Argentina, Brazil, Paraguay, and Uruguay.
Published in Chapter:
Latin America: Problems and Opportunities of Integration
Tanima Dutta (Lovely Professional University, India), Anupam Rawat (Bhimrao Ambedkar University of Social Sciences, India), and Arti Mishra (Gauri Shankar Mahavidyalaya, India)
Copyright: © 2020
|Pages: 15
DOI: 10.4018/978-1-7998-1730-7.ch013
Abstract
Latin America has been often termed as the lost continent but over the last two decades, both Europe and America have adjusted their policies as per the requirements and opportunities offered by these countries which shows that everything has not been lost. The geopolitical importance of these countries is also immense because of the huge oil reserves that they have apart from other important minerals and materials. These countries have also regrouped since the 1980s and developed the Atlantic Triangle and the Pacific Triangle to take advantage of their strengths. The chapter traces the development of globalization and regionalization in this continent and what it means to the current politico-economic world of today.