LAFTA region to more than tenfold what would be economically justifiable. And each year new countries enter the industry, adding to an already overdeveloped regional capability. The unhappy reality in the automotive field is that, far from creating market opportunities, the LAFTAAgreement confronts member countries with the problem of disposing of excess plant facilities. This fact alone provides a major reason why so little progress has been made thus far in reducing internal trade barriers in the LAFTA region.
Background of LAFTA
The Treaty of Montevideo
International Monetary Fund. External Relations Dept.
This paper presents highlights of the IMF Meetings in 1968. The main themes of the IMF Annual Meeting were referred to by President Lyndon B. Johnson of the United States in his address at the opening joint session. He described 1968 as “a year of crisis in financial markets,” and the special drawing rights facility as a “major step in international financial cooperation.” Many IMF Governors returned to the theme that the containment of the potentially disruptive consequences of the events of the past year was due chiefly to a remarkable degree of international cooperation and collaboration.