UN General Assembly
1960

221. As a form of co-operation along these lines, the Central American Republics are making great efforts to integrate their economies. The old bilateral treaties on free trade and economic integration have now been augmented by a new international instrument which gives effect to an economic association setup by Guatemala, El Salvador and Honduras and which provides for the establishment of a common market, a customs union and a development and assistance fund. Moreover, some Central American countries, including Guatemala, have already approved an agreement on the equalization of import duties. We are certain that financial aid given in accordance with the principles of co-operation to which I have just referred would be a very important factor in furthering the successful outcome of these efforts and would hasten the improvement and transformation of this under-developed region of the continent.