As the year 2018 draws to a close, it may be termed as a breakthrough year in terms of the developing world advancing towards the goals of aggregating and structuring its economic integration platforms. The progress achieved thus far confounds the notion of a highly divided and fragmented Global South – the possibility of the formation of pan-continental integration platforms no longer appears unreachable, while the forging of cross-continental alliances already appears to have been set in motion.
In particular there is the launching of a pan-continental African free trade area, as well as the recent headway in building links between the Pacific Alliance and Mercosur in Latin America. In July 2018 the first high-level meeting took place between the representatives of the two largest trade blocks that account for nearly 90% of GDP of Latin America.
One of the key aspects of the high-level meeting was the signing by the presidents of the two regional blocks of a letter of intent to create a regional trade agreement.