Features of international economic integration in Latin America

Abstract

The growth of the importance and number of integration groups continues, with agreements 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 have been established in Latin America, and although scholars mainly study the MERCOSUR, it is advisable to consider other groups, and the integration of developing countries begins in Latin America. The purpose of the study is to investigate the development of integration processes in Latin America and the specific features of foreign trade of specific trade and economic associations. For this purpose, the studies of foreign and Ukrainian scientists, statistical data of international organisations, as well as methods such as analysis and synthesis, comparative, historical, graphic methods were used. The study considered the reasons of integration in Latin America, which were conditioned by internal problems of the countries, the separate stages of such integration, specifying features of each stage; the advantages of integration that became a driving force of development of trade were also considered. It is advisable to take into account the factors that contributed to the integration of 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 on the areas of trade indicated that in 2018, compared with 1995, the total and intraregional exports of the studied integration groups increased, and the share of the latter did not drop below 10.5%, except for the Andean Community, and in some groups reached 20%, although this period was described with a decrease for most trade and economic associations. The results of the study suggest the development of integration processes in Latin America, but it is necessary to consider the influence of internal and external economic factors, as well as methods of regulation and adaptation