Introduction
The European integration (European Union, EU) is widely perceived, not just as an example, but as a model for regional integration due to its vast experience. The EU is greatly harmonized and the integration process is well institutionalized, advanced, and expanding. EU has recently pursued an increase in the number of trade agreements to foster the economic ties. Besides, it has undertaken comprehensive agreements with other regional groupings in the arena of trade, trade-related issues, political aspects, and development concerns (Dorrucci et al., 2002). The Latin America case, however, presents some empirical and theoretical hurdles. Even though the integration process ...
