The Latin American Economic System (SELA) was established at a ministerial meeting of 25 Latin American and Caribbean countries held in Panama, October 17, 1975. SELA was set up as a permanent regional organization for consultation, coordination, cooperation and joint social and economic development, with an international juridical personality.

Objectives:

To promote a consultation and coordination system to concert joint positions and common strategies for the Latin American and Caribbean region on economic issues vis-à-vis countries, groups of countries, international forums and organizations.

To foster cooperation and integration among the countries of Latin America and the Caribbean.

Main areas of work:

Evaluation and follow-up of the relations of Latin America and the Caribbean with other countries and regions - the United States, Canada, Japan, the European Union, Central Europe and the Asia-Pacific region - in order to raise mutual awareness, take advantage of business and investment opportunitites, and increase international cooperation.

The Secretariat provides technical assistance to the Group of Rio, to GRULAs and other subregional and regional coordination bodies.

Analysis of trends and negotiations in hemispheric and multilateral trade, particularly World Trade Organization (WTO) decisions, trade in services, the link between trade and environment, rules of origin, and the implementation of the Uruguay Round agreements.

Studies on the situation of capital flows, regional external debt and domestic savings, analysis of multilateral financial institutions, and exchange of experiences and information on the modernization of national financial systems.

Intra-regional relations:

Analysis of intra-regional trade and investments.

Follow-up of integration mechanisms - MERCOSUR, Andean Community, Central American Common Market, CARICOM, Group of Three, Association of Caribbean States, and ALADI - and the process of creating the Free Trade Area of the Americas (FTAA), as well as the analysis of possibilities for linkage and convergence of integration mechanisms.

Analysis, exchange of experiences and identification of cooperation programs among Lating America and Caribbean countries on SMEs, industrialization and technical innovations, competition policies and consensus on intellectual property issues. SELA also fosters joint reflection and exchange of national experiences regarding the articulation of economic and social policies.

Cooperation:

Proposes actions for regional and international cooperation with the purpose of enhancing the exchange of information and experiences concerning the enforcement of public policies and the implementation of projects that permit an optimum use of the resources coming from official financial aid for developments, as well as better coordination and utilization of the technical cooperation among developing countries (TCDC). In this connection, periodic meetings are held with different parties involved in international cooperation in Latin America and the Caribbean, and a number of training and refresher courses are given to public and private official of the region.

With the support of bilateral and multilateral agencies, promotes the implementation of programs and projects aimed at strengthening regional and subregional integration, particularly in Central America and the Caribbean.

Activities:

Annually holds the meeting of the Latin American Council, at ministerial level, and convenes regional consultation and coordination meetings with high-level officials of its 28 member states.

Organizes forums with the participation of government and private sector representatives, and holds meetings of experts on specific issues of the regional and global economic agenda.

Maintains close relations, based on cooperationm, with the most important organizations, public institutions and private entities at the regional and international levels.

Holds seminars, courses and workshops on issues of economic interest for the Latin American and Caribbean region.

COMPOSITION

28 member countries: Argentina, The Bahamas, Barbados, Belize, Bolivia, Brazil, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, El Salvador, Grenada, Guatemala, Guyana, Haiti, Honduras, Jamaica, Mexico, Nicaragua, Panama, Paraguay, Peru, Suriname, Trinidad and Tobago, Uruguay, Venezuela

STRUCTURE

The Latin American Council is the principal decision-making body of SELA. Each of the member states has one representative on this Council, which holds an annual meeting, and is responsible for the establishment of the general policies of the institution and its work program through decisions that are approved by consensus.

The Permanent Secretariat, the technical adminsitrative organ is headed by a Permanent Secretary, elected by the Latin American Council every four years.

The Action Committees are flexible cooperation mechanisms which are set up on the basis of interest by two or more countries in promoting joint programs and projects in specific areas. These Committees are either dissolved upon the completion of their objectives, or may become Permanent Bodies fo the system.

GENERAL PUBLICATIONS