| Summary: | The North Atlantic space is undergoing active reconfiguration. In the Western Hemisphere this trend is marked by the presence of three distinct models of integration: intra-regional blocks such as Mercosur and the Andean Community; the FTAA and mega-regional agreements with the EU; and bilateral PTAs that have sprung up withgreater impetus since the FTAA failure. The demise of the FTAA opened up the way for a dual track approach to trade integration in the hemisphere: on one hand, with Brazil increasingly seeking to institutionalise the South American subsystem, and on the other, the US resorting to bilateral agreements with like-minded countries in that same regional subsystem. The active rivalry between these two countries through preferential agreements is a major factor affecting the regional re-distribution of power.
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