Features of International Economic Integration in Latin America

Abstract

The importance and number of integration blocs continue to grow, with agreements being concluded by countries on all continents. This affects not only the development of their member countries but also third countries, in particular trade with them. A considerable number of trade and economic associations are established by Latin American countries, and although researchers study mainly Mercosur, it is advisable to consider other blocs, wherein the integration of developing countries originates in Latin America. The purpose of the study was to examine the development of integration in Latin America and external trade peculiarities of individual trade and economic associations. To achieve this purpose, the authors used foreign and Ukrainian studies, statistical data of international organisations, as well as analysis and synthesis, comparative, historical, graphic, and other methods. The study considered the integration in Latin America, caused by internal issues of countries, its individual stages. In particular, the researchers outlined the features of each stage and identified the advantages of integration, which has become a driving force for trade development. It is advisable to consider the factors that contributed to integration when concluding future regional trade agreements, as well as the level of development of individual integrating countries, their participation in other trade and economic associations, international organisations, and other factors. Calculations for trade areas demonstrated that in 2018, compared with 1995, the total and intraregional exports of the studied integration blocs grew, and the share of the latter did not fall below 10.5%, with the exception of the Andean Community, some blocs reached 20%, although during the specified period for most trade and economic associations it decreased. Considering the results obtained, there are reasons to predict the development of integration in Latin America, yet it is worth considering the influence of internal and external economic factors, as well as methods of regulation and adaptation

Keywords

• regional trade agreements
• integration groups
• trade
• export
• intraregional export