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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
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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
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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
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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
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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)
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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 1,140 m (2,490 and 3,740 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
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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
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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
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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
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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)
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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
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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
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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
Tr

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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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