The Central American Common Market was established among the governments of Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua on July 31, 1962, at the conclusion of the third extraordinary session, July 23–31, 1962, in San José, Costa Rica, of the Committee of Economic Cooperation of the five republics. Three conventions were signed by the ministers of economy, representing the five nations, with the aim of establishing the Central American economic integration structure: 1) the adhesion of Costa Rica to the Central American convention on equalization of tariff rates; 2) the protocol to the Central American convention on the equalization of import duties (the Protocol of San José); and 3) the Central American convention on fiscal incentives to industrial development.