Institutional aspects of the Latin American integration process

Abstract

The formation of an economic space that covers the territories of several States requires two essential elements: the political will of the countries to participate in a process of integration of their economies and the existence of adequate legal and institutional instruments to translate political decisions into concrete programs of timely action and coordinated execution.

The study of the institutional aspects of Latin American integration has acquired special importance from the decisions adopted in April 1967 in Punta del Este by the Latin American presidents, in the sense of creating a regional common market from 1970 onwards. Having adequate institutional instruments to implement presidential decisions confronts countries with the need to deeply analyze the instruments that now exist in order to perfect them and adapt them to the tasks of an economic community. This analysis should be based on a very clear institutional approach that - taking advantage of the accumulated experience through European economic integration and giving due consideration to the characteristics of this process in the case of Latin America - contemplate and define the role that The governments and administrations of the participating countries, the institutions created especially by the legal instruments of integration and the specialized international organizations that collaborate in the development of the region, are called to play in the promotion of this process.