Asociacion Latinoamericana de Integracion (ALADI) is the largest trade integration society in Latin America. It is comprised of thirteen member countries including Argentina, Bolivia, Brazil, Chile, Columbia, Cuba, Ecuador, Mexico, Panama, Paraguay, Peru, Uruguay and Venezuela. Its aims are to establish a common market as well as oversee the economic and social development of Latin America. ALADI began as the Latin American Free Trade Association (LAFTA) following the 1960 Treaty of Montevideo and initially the member countries were Argentina, Brazil, Mexico, Chile, Paraguay, Peru and Uruguay. Their initial aim was to remove all restrictions of trade in Latin America within 12 years. By the 1960′s the combination of LAFTA’s member countries had a population of 220 million people and produced around $90 billion of goods and services annually. LAFTA had restrictions however, and unlike the EU, there was little political or economic integration. In order to rectify this LAFTA, in 1980, became known as ALADI and increased the membership to include other Latin American countries. ALADI is now responsible for regulations on foreign trade within Latin America and their aim for a common market is driven by three strategies. The organisation grants a regional tariff preference to products originating in member countries, regional scope agreement amongst member countries and partial scope agreements amongst two or more countries of the area. ALADI importance is demonstrated through the co-operative approach it takes towards worldwide integration movements and its continuing encouragement and support of third world countries to develop their integration into the globalised world.