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When the airline industry’s leaders last gathered in Rio de Janeiro for an IATA Annual General Meeting in 1999, Latin American aviation occupied a very different place in the global system. At the time, the region accounted for just 4% of global air traffic and carried around 68 million passengers annually. Its airlines were largely domestic champions, operating fragmented networks with limited international reach. LAN and TAM, the two carriers that would eventually merge to create LATAM Airlines Group, operated separately, carrying a combined 12 million passengers with fleets totalling just over 100 aircraft.
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