ABSTRACT
This chapter analyzes the evolution of Latin American regionalism and explores how open regionalism characterized in the region mainly by Mercosur and the Andean Community has stagnated in terms of trade and economic objectives. It explains how some of their agendas have shifted to become more social and political, given the prominence of primary sector exports to Asia. The chapter addresses how Preferential Trade Agreements (PTAs) have proliferated in the region since the 2000s and analyzes how the Pacific Alliance is becoming the only agreement in the region with new economic objectives. It argues that neo-extractivism is the main cause of trade integration stagnation in Latin America. The Andean Community and Mercosur were open regionalism schemes in South America that aimed to go beyond PTAs establishing customs unions and common markets objectives. The Pacific Alliance would seem to be the only new agreement among Latin American countries that favors deep economic liberalization.
