1in July, 974, Mexican president echeverria put forward the idea of establishing Latin American economic cooperation and coordination institutions. 1975 In March, President echeverria and Venezuelan President Perez issued a joint communique and sent a letter to the heads of Latin American countries, formally proposing the establishment of a "Latin American economic system". 197510 June 17, representatives of 23 Latin American governments signed the Panama agreement, announcing the establishment of the Latin American economic system. 1the agreement came into effect on June 7, 976. The official languages are Spanish, English, French and Portuguese.