LATIN AMERICAN ECONOMIC SYSTEM

Spanish Sistema Econmico Latinoamericano (SELA) association formed to promote economic cooperation and development throughout the region of Latin America. Established in 1975 through the Panama Convention, SELA succeeded the Special Committee for Latin American Coordination (CECLA). Nearly 30 countries are members. SELA's principal organ, the Latin American Council, meets annually. Headquarters are in Caracas, Venezuela. Ongoing activities of the group include aiding in the creation of multinational enterprises, promoting agreements on agricultural and industrial production, and enhancing the sharing of scientific, technological, and cultural resources. In the 1980s international debt reduction became a primary concern for SELA. By the 1990s policies were being developed in relation to such international bodies as the World Trade Organization.