The leaders of Argentina, Brazil, Paraguay and Uruguay have signed a treaty committing their nations to form a common market by Jan. 1, 1995, realizing a dream that has eluded Latin America for three decades.

If the project works, the four countries will eliminate tariffs and other trade barriers and coordinate their economic policies.Uruguay and Paraguay, being the two small nations of the bloc, have been granted an additional year to eliminate all tariffs on a reduced list of articles.

"If we do not adapt to efficiency, history will leave us behind," Argentine President Carlos Menem said Tuesday during the signing ceremony at the convention hall of the Paraguayan Central Bank.