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In 1969 a group of South American countries signed the Cartagena Agreement, also known as the Andean Pact, for the purpose of establishing a customs union within a period of ten years. This group is known as the Andean Community. The key objectives are to promote the balanced and harmonious development of the member countries under equitable conditions, to boost growth through integration and economic and social cooperation, to enhance participation in the regional integration process with a view to the progressive formation of a Latin American common market.
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