Even with all the spectacular economic gains made in Latin America over the past decade, the region is still in its infancy when it comes to integration and trade agreements. “Intra-regional trade in Latin America is half of [the volume] in Asia. Asia achieved that in 10 years. Latin America has been making attempts at regional integration for the past 50 years,” says Mexico’s former central bank governor and current chairman of Banorte, Guillermo Ortiz.
But with the development of the Pacific Alliance between Chile, Peru, Colombia and Mexico, there are hopes that finally a breakthrough is in sight.
