South Common Market MERCOSUR, which was one of the regionalism attempts in Latin America and established by the treaty signed by Brazil, Argentina, Uruguay, Paraguay in 1991, later Venezuela joined in 2012, is the biggest trade block of the region today. The organization’s ultimate goal is economic integration and despite the wide expectations of success in its early years, MERCOSUR’s integration couldn’t reach the level that was aimed due to its lack of institutionalism, the unwillingness of the countries to hand over their sovereignty, individual policies of the members and its limits because of the high number of organizations in Latin America, MERCOSUR’s integration couldn’t reach the level that was aimed. Analyses of intra-regional trade relations as an indicator of economic regionalism may provide ideas for the organization’s economic integration level in the last decade. The roots of the economic regionalism in the world system based on the developments in Europe in the 19th century and the new advancing trade networks and the of countries on customs union can be regarded as the first economic regionalism attempts in the modern sense. During this period it could be claimed that ideational, cultural and security-based regionalism was dominant in Latin America mostly because of the Pan ideas and protectivism, However, by the mid 20th century the aim of establishing a common market and increase on the trade relations emerged in the region. The economic regionalism initiatives started with The Economic Commission for Latin America (ECLA) in 1948 and institutionalized after the 1990s with MERCOSUR which was established with the goal of increasing intra regional trade and economic openness on all factors of production. When the data of the years between 2006 and 2016 be examined it was seen that Brazil and Argentina who are the most significant members of the group in terms of GDP have increased their own trades and influenced the MERCOSUR’s trade indicators however mostly not because of their intra-trade relations but because of the international partners. Therefore it can be argued that one of the reasons behind the regionalism couldn’t reach the level that was aimed in Latin America is Brazil’s and Argentina’s trade preferences alongside with limitations on the capacity differences and dependencies on imports. With targeting Latin American regionalism on an economic perspective, this study analyzes MERCOSUR and aims to assess economic regionalism of the organization as an example of the non- European regionalism. The first chapter of the research examines economic regionalism studies on the regionalism theories such as federalism, functionalism, neofunctionalism and intergovernmentalism in the context of international relations and puts forth the social, security, normative and economic forms of regionalism. Also, this section explains the economic regionalism’s preferential trade agreement, free trade agreement, customs union, common market and economic integration stages and evaluates the impact of the regionalization and globalization waves to the world trade. The second chapter analyzes the regionalism researchs of South America since the 19th century and historical process of MERCOSUR. The final chapter assesses economic regionalism of MERCOSUR in terms of intra and extra trade capacities and trade partners of member states with the opportunities and limitations of Latin American regionalism.