The process of economic integration in Latin America has played an important role in the economic history and development of the region, specially after the Second World War. As from the second half of the 20th Century, the degree of progress attained by national industries made it difficult for manufactured products to compete in markets of both developed and developing countries. Thus, an expansion of the market through a process of integration of the Latin American economies was considered. The formation of a common market, supplied mainly by regional industries, would provide economic solutions to many of Latin America¡¦s problems.

Because of this, the first treaties of economic integration started appearing and evolving accordingly with the political and economic development of each nation. Economic growth geared bilateral commerce relations, while economic and political crisis lead to international isolation and delayed the integration processes.

After the Second World War, integration assumed concrete form in plans of varying degrees of success, the Central American Common Market, the Latin American Free Trade Agreement, and the Andean Pact, to list some. Since the 1980s, integ

Even though Latin America is a intricate region in terms of political, social, and economic stability, it has proven to be willing to achieve economic integration. As complex and problematical as it may be, the nations of Latin America have started to work towards this aim and will eventually attain their goal successfully.

For instance, the pressing problems and uncertainty created by the Argentinean crisis and the smaller interest in MERCOSUR integration shown by Argentina diverted MERCOSUR¡¦s attention from the economic coordination plan. The crisis in Argentina also signifies that Argentina is unlikely to meet some of the targets that were previously agreed upon.

ration schemes have developed with greater force, perhaps encouraged by the formation of the North American Free Trade Agreement (NAFTA), which in 1994 added Mexico as its third member, along with the United States and Canada. In a parallel development, the governments of Argentina, Brazil, Paraguay and Uruguay formed the Common Market of the South (Mercado Comun del Sur, MERCOSUR), with Chile and Bolivia as associate members. By these means, perhaps in altered form, economic integration will certainly continue to develop on the countries of the region.

„h The commitment by the member states to make the necessary adjustments to their laws in pertinent areas to allow for the strengthening of the integration process. The Asuncion Treaty is based on the doctrine of the reciprocal rights and obligations of the member states. MERCOSUR initially targeted free-trade zones, then customs unification and, finally, a common market, where in addition to customs unification the free movement of manpower and capital across the member nations' international

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