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Latin American Economic System
The LATIN AMERICAN AND THE CARIBBEAN ECONOMIC SYSTEM, officially known as SISTEMA ECONóMICO LATINOAMERICANO Y DEL CARIBE (SELA), is an organization founded in 1975 to promote economic cooperation and social development between Latin American
Latin American
and the Caribbean
Caribbean
countries. In the early 1990s, its representatives consisted of members from 28 countries and took part in the General Agreement on Tariffs and Trade (GATT) negotiations, which led to a new global agreement on restrictions on trade and established the World Trade Organization (WTO). The Latin American
Latin American
Council represents SELA's policy-making body and meets once a year. The main administrative body is the secretariat, located in Caracas, Venezuela
Caracas, Venezuela

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Economic
An ECONOMY (From Greek οίκος – "household" and νęμoμαι – "manage") is an area of the production , distribution , or trade , and consumption of goods and services by different agents in a given geographical location in various countries. Understood in its broadest sense, 'The economy is defined as a social domain that emphasizes the practices, discourses, and material expressions associated with the production, use, and management of resources'. Economic agents can be individuals, businesses, organizations, or governments. Economic transactions occur when two parties agree to the value or price of the transacted good or service, commonly expressed in a certain currency . Monetary transactions only account for a small part of the economic domain. Economic activity is spurred by production which uses natural resources, labor, and capital. It has changed over time due to technology (automation, accelerator of process, reduction of cost functions), innovation (new products, services, processes, new markets, expands markets, diversification of markets, niche markets, increases revenue functions) such as that which produces intellectual property and changes in industrial relations (for example, child labor being replaced in some parts of the world with universal access to education )
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Latin American
LATIN AMERICA is a group of countries and dependencies in the Americas
Americas
where Spanish and Portuguese are predominant. The term originated in 19th century France
France
as Amérique latine to consider French-speaking territories in the Americas
Americas
( Haiti
Haiti
, French Guiana , Martinique , Guadeloupe , Saint Martin , Saint Barthélemy ) along with the larger group of countries where Spanish and Portuguese languages prevailed. It is therefore broader than the terms Ibero-America or Hispanic America —though it usually excludes French Canada
Canada
and modern French Louisiana . Latin
Latin
America consists of nineteen sovereign states and several territories and dependencies which cover an area that stretches from the northern border of Mexico
Mexico
to the southern tip of South America
South America
, including the Caribbean
Caribbean

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Caribbean
The CARIBBEAN (/ˌkærᵻˈbiːən/ or /kəˈrɪbiən/ ) is a region that consists of the Caribbean Sea , its islands (some surrounded by the Caribbean Sea and some bordering both the Caribbean Sea and the North Atlantic Ocean ) and the surrounding coasts. The region is southeast of the Gulf of Mexico and the North American mainland, east of Central America , and north of South America . Situated largely on the Caribbean Plate , the region comprises more than 700 islands, islets , reefs and cays . (See the list .) These islands generally form island arcs that delineate the eastern and northern edges of the Caribbean Sea. The Caribbean islands, consisting of the Greater Antilles on the north and the Lesser Antilles on the south and east (including the Leeward Antilles ), are part of the somewhat larger WEST INDIES grouping, which also includes the Lucayan Archipelago (comprising the Bahamas and Turks and Caicos Islands ) north of the Greater Antilles and Caribbean Sea . In a wider sense, the mainland countries of Belize , Guyana , Suriname and French Guiana are often included due to their political and cultural ties with the region
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General Agreement On Tariffs And Trade
GENERAL AGREEMENT ON TARIFFS AND TRADE (GATT) was a legal agreement between many countries, whose overall purpose was to promote international trade by reducing or eliminating trade barriers such as tariffs or quotas . According to its preamble, its purpose was the "substantial reduction of tariffs and other trade barriers and the elimination of preferences, on a reciprocal and mutually advantageous basis." It was first discussed during the United Nations
United Nations
Conference on Trade and Employment and was the outcome of the failure of negotiating governments to create the International Trade Organization(ITO). GATT was signed by 23 nations in Geneva
Geneva
on October 30, 1947 and took effect on January 1, 1948. It remained in effect until the signature by 123 nations in Marrakesh on April 14, 1994 of the Uruguay
Uruguay
Round Agreements, which established the World Trade Organization
World Trade Organization
(WTO) on January 1, 1995. The WTO
WTO
is in some ways a successor to GATT, and the original GATT text (GATT 1947) is still in effect under the WTO framework, subject to the modifications of GATT 1994
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World Trade Organization
The WORLD TRADE ORGANIZATION (WTO) is an intergovernmental organization that regulates international trade . The WTO officially commenced on 1 January 1995 under the Marrakesh Agreement , signed by 123 nations on 15 April 1994, replacing the General Agreement on Tariffs and Trade
Trade
(GATT), which commenced in 1948. It is the largest international economic organization in the world. The WTO deals with regulation of trade between participating countries by providing a framework for negotiating trade agreements and a dispute resolution process aimed at enforcing participants' adherence to WTO agreements, which are signed by representatives of member governments :fol.9–10 and ratified by their parliaments. Most of the issues that the WTO focuses on derive from previous trade negotiations, especially from the Uruguay Round (1986–1994). The WTO is attempting to complete negotiations on the Doha Development Round , which was launched in 2001 with an explicit focus on developing countries. As of June 2012 , the future of the Doha Round remained uncertain: the work programme lists 21 subjects in which the original deadline of 1 January 2005 was missed, and the round is still incomplete
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Caracas, Venezuela
CARACAS (Spanish pronunciation: ; locally ), officially SANTIAGO DE LEóN DE CARACAS, is the capital, the center of the GREATER CARACAS AREA , and the largest city of Venezuela
Venezuela
. Caracas is located along the Guaire River in the northern part of the country, following the contours of the narrow Caracas Valley on the Venezuelan coastal mountain range (Cordillera de la Costa). Terrain suitable for building lies between 760 and 910 m (2,490 and 2,990 ft) above sea level . The valley is close to the Caribbean Sea , separated from the coast by a steep 2,200-metre-high (7,200 ft) mountain range , Cerro El Ávila
Cerro El Ávila
; to the south there are more hills and mountains. The METROPOLITAN DISTRICT OF CARACAS is made up of five municipalities: Libertador Municipality which is the only administrative division of the Venezuelan Capital District
Venezuelan Capital District
, and four other municipalities, which are within in Miranda State : Chacao , Baruta , Sucre , and El Hatillo . Libertador holds many of the government buildings and is the Capital District (Distrito Capital). The Distrito Capital had a population of 2,013,366 as of 2011 , while the Metropolitan District of Caracas
Metropolitan District of Caracas
was estimated at 3,273,863 as of 2013
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Chile
Coordinates : 30°S 71°W / 30°S 71°W / -30; -71 Republic of Chile _República de Chile_ (Spanish ) Flag Coat of arms MOTTO: * "Por la razón o la fuerza" (Spanish ) * "By right or might" map ANTHEM: _ National Anthem of Chile _ Chile shown in dark green; claimed but unrecognised Antarctic Territory shown in light green
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Paraguay
Coordinates : 23°S 58°W / 23°S 58°W / -23; -58 Republic of Paraguay * _República del Paraguay_ (Spanish ) * _Tetã Paraguái_ (Guaraní ) Flag (obverse) Coat of arms   MOTTO: "Paz y justicia" (Spanish) "Peace and justice" ANTHEM: _ Paraguayos, República o Muerte _ (Spanish) _Paraguayans, Republic or Death_ Capital and largest city Asunción
Asunción
25°16′S 57°40′W / 25.267°S 57.667°W / -25.267; -57.667 OFFICIAL LANGUAGES * Spanish * Guarani ETHNIC GROUPS (2016 ) * 95% mestizo * 5% other DEMONYM Paraguayan GOVERNMENT Unitary presidential constitutional republic • PRESIDENT Horacio Cartes
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Argentina
Coordinates : 34°S 64°W / 34°S 64°W / -34; -64 Argentine Republic _República Argentina_ (Spanish ) _ Flag Coat of arms MOTTO: * " En unión y libertad "_ * ("In Unity and Freedom") ANTHEM: * _Himno Nacional Argentino _ * ("Argentine National Anthem") * _ Sol de Mayo _ (Sun of May) Argentina shown in dark green Capital and largest city Buenos Aires 34°36′S 58°23′W / 34.600°S 58.383°W / -34.600; -58.383 Official language and national language Spanish REGIONAL LANGUAGESGuaraní in Corrientes ; Qom , Mocoví and Wichi<
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Uruguay
Coordinates : 33°S 56°W / 33°S 56°W / -33; -56 Oriental Republic of Uruguay _República Oriental del Uruguay_ (Spanish ) Flag Coat of arms MOTTO: "Libertad o Muerte" (Spanish) "Freedom or Death" ANTHEM: _Himno Nacional de Uruguay _ _National Anthem of Uruguay_ Capital and largest city Montevideo 34°53′S 56°10′W / 34.883°S 56.167°W / -34.883; -56.167 OFFICIAL LANGUAGES Spanish ETHNIC GROUPS (2016 ) * 88% White * 8% Mestizo * 4% Black RELIGION _See Religion in Uruguay _ DEMONYM Uruguayan GOVERNMENT Unitary presidential constitutional republic • PRESIDENT Tabaré Vázquez • VICE PRESIDENT Raúl Sendic LEGISLATU
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Peru
Coordinates : 10°S 76°W / 10°S 76°W / -10; -76 Republic
Republic
of Peru * _República del Perú_ (Spanish ) * _Piruw Republika_ (Quechua ) * _Piruw Suyu_ (Aymara ) Flag Coat of arms MOTTO: "Firme y feliz por la unión" (Spanish) "Firm and Happy for the Union" ANTHEM: _Himno Nacional del Perú _ (Spanish) _National Anthem of Peru_ NATIONAL SEAL : _ Gran Sello del Estado _ (Spanish) Great Seal of the State Capital and largest city Lima
Lima
12°2.6′S 77°1.7′W / 
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Brazil
Coordinates : 10°S 52°W / 10°S 52°W / -10; -52 Federative Republic of Brazil _República Federativa do Brasil_ (Portuguese ) _ Flag Coat of arms MOTTO: * Ordem e Progresso_ (Portuguese) * (English: "Order and Progress") ANTHEM: * _Hino Nacional Brasileiro _ * (English: "Brazilian National Anthem")* ------------------------- * FLAG ANTHEM: * _Hino à Bandeira Nacional_ * (English: "National Flag Anthem")* NATIONAL SEAL * _Selo Nacional do Brasil _ * National Seal of Brazil * CAPITAL Brasília 15°47′S 47°52′W / 15.783°S 47.867°W / -15.783; -47.867 LARGEST CITY São Paulo 23°33′S 46°38′W / 23.550°S 46.633°W / -23.550; -46.633 Official language and national language Portuguese ETHNIC GROUPS (2010 ) * 47.73% White * 43.13% Pardo (
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Barbados
Coordinates : 13°10′N 59°33′W / 13.167°N 59.550°W / 13.167; -59.550 Barbados _ Flag Coat of arms MOTTO: "Pride and Industry" ANTHEM: In Plenty and In Time of Need _ ROYAL ANTHEM : God Save the Queen Capital and largest city Bridgetown
Bridgetown
13°06′N 59°37′W / 13.100°N 59.617°W / 13.100; -59.617 OFFICIAL LANGUAGES English RECOGNISED REGIONAL LANGUAGES Bajan ETHNIC GROUPS (2010 ) * 92.4% Black
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Trinidad And Tobago
Coordinates : 11°14′57″N 60°39′09″W / 11.249285°N 60.652557°W / 11.249285; -60.652557 Republic
Republic
of Trinidad
Trinidad
and Tobago Flag Coat of arms ANTHEM: " Forged from the Love of Liberty " CAPITAL Port of Spain 10°17′N 61°28′W / 10.283°N 61.467°W /
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Colombia
Coordinates : 4°N 72°W / 4°N 72°W / 4; -72 Republic of Colombia _República de Colombia_ (Spanish ) Flag Coat of arms MOTTO: "Libertad y Orden" (Spanish) "Freedom and Order" ANTHEM: _¡Oh, Gloria Inmarcesible! _ (Spanish) _O unfading glory!_ Capital and largest city Bogotá 4°35′N 74°4′W / 4.583°N 74.067°W / 4.583; -74.067 OFFICIAL LANGUAGES Spanish a RECOGNIZED REGIONAL LANGUAGES 68 ethnic languages and dialects
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