Latin American countries have been in the centre of the two waves of regionalism of the twentieth century, as Richard Pomfret (2001) has signalized. During the two periods of rising regionalism (the 1960s and the 1990s), these countries engaged several sub-regional integration schemes, with different characteristics and dimensions. The second regionalism cycle in Latin America (LA) was not only much more “liberal” than the integration cycle of the 1960s but it differed in several other aspects (like deepness, sectoral coverture, integration of new themes and, last but not least, involving countries with different degrees of economic development). As a consequence of regional integration schemes, the geography of regional trade has produced two poles of dynamism. The first one is in the North American FTA and the second one concerns South American countries that gravitate around Brazil. The deepness and the kind of economic integration are very different in the two sub-regions. In North America, Mexican integration to the US and Canadian markets led to a strong integration in international value chains of production, defining its sectoral specialization and determining its benefits and costs. In South America, integration has led to a rise in intra-regional trade in a lesser measure and, even if Brazil has benefited from a larger market for its industrial products, local sub-regional schemes did not induce a productive integration of the countries. The relationships with third-party countries have influenced, and have also been influenced by, the regional integration projects, even if in different ways. This chapter analyses the main characteristics and results of economic integration for LA. The present work aims to show how the evolution and the sectoral structure of trade reacted to these (so) different integration schemes. For this purpose, a trade matrix will be built up on intra-and extra-regional trade data, allowing us to examine structural and broad effects of integration. A complementary sectoral analysis of two main actors of LA integration – Mexico and Brazil – is conducted in the second section.