For multiple reasons, currently the convergence between the different Latin American and Caribbean integration schemes is not only necessary, but also urgent. The regional space, which brings together more than 600 million inhabitants united by strong historical, cultural and linguistic ties, is the area where the benefits traditionally associated with integration can best be realized, such as a larger scale of the expanded market and the use of national complementarities. On the other hand, the world economy is increasingly structured around integrated macro-regions, a trend from which Latin America and the Caribbean cannot escape.
Concerted regional action would strengthen the region’s voice in the main debates on global governance, as well as in its dialogue with other actors in the international system, particularly in Asia and the Pacific. In this context, the gradual convergence between the Pacific Alliance and MERCOSUR would not only bring benefits to its member countries, but would also constitute a historic opportunity to move towards truly regional integration.
The possibilities of diversifying the productive and export structure of the region are also closely linked to the perspectives of its integration process. Intraregional trade is characterized by being more diversified and intensive in manufacturing, having greater technological content, being more accessible to SMEs and creating relatively more employment than trade with other regions. Therefore, there is a direct relationship between a growth strategy with equality and the deepening of the regional economic space. Likewise, an integrated regional market can act as a stimulus for growth, by cushioning the impacts associated with lower economic dynamism in other parts of the world.
