The Dominican Republic first signaled its intention to join a regional economic bloc at the a Summit of American leaders in Uruguay in April 1967 when it signed the Declaration of the Presidents of America. This Declaration outlined the aim for the creation of Latin American Common Market through the vehicles of the Latin American Free Trade Association (LAFTA) and Central American Common Market (CACM). Subsequently, the Dominican Republic looked into both LAFTA and the CACM, before pursuing discussions on joining CARIFTA in 1970. However the discussions did not result in Dominican membership before CARIFTA was ended in favour of forming CARICOM in 1973-1974.