The treaty defined a program of gradual elimination of import/export fees that would reach a free commerce zone by the end of 1994.
Even though the dates of the program were not followed and the free zone was not yet reached, the treaty established the basis for the "Mercado Común del Sur" (Mercosur).
Since the Spanish American wars of independence, there have been various types of organizations and treaties with the intention of social and economic integration of South America.
The Economic Commission of Latin America was created on February 25, 1948, to conduct studies aimed at the integration of these countries and increase the national markets and industrial development.
[1] The Latin American Integration Association was created in 1989 to establish economic integration between Argentina, Brazil, Bolivia, Chile, Colombia, Ecuador, Mexico, Paraguay, Peru, and Venezuela.