argentina
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…nt to seek a second consecutive term. In 1994 Argentina, Brazil, Paraguay, and Uruguay signed a treaty that created the Southern Cone Common Market. The agreement took effect on January 1, 1995, allowing 90 percent of trade between member countries to proceed duty free. This agreement, combined with the privatization of state industries, helped Argentina to continue its economic recovery. In May 1995 Carlos Saul Menem won a second presidential term.
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