5 LATIN NATIONS AGREE ON PANEL ON ARMS LIMIT
Five Central American countries agreed tonight to establish a commission to monitor an accord being negotiated on reducing arms in the region, an international group sponsoring the talks announced. In a communique after two days of meetings, the group described the agreement on a commission as a ''notable advance in the negotiation'' of a regional treaty by the five countries - Costa Rica, El Salvador, Guatemala, Honduras and Nicaragua. The arms reduction accord would be a major part of that treaty. The agreement tonight gave new life to the two-year-old effort to find a peaceful solution to the turmoil in Central America. The effort, which had been stalled for six months, is being led by the Contadora group - Mexico, Venezuela, Panama and Colombia.