Foreign trade is the cornerstone of Latin America's growth. Several regional free trade agreements signed over the past decade--such as Mercosur, the Central American Common Market, the Andean In 2010, Mexico and Brazil, Latin America’s two largest economies, agreed to initiate free trade talks at a time when bilateral trade was $7.6 billion. Under the pact, Brazil and Mexico would cut their tariffs to zero, from 12.5% and 5%, respectively. To ease this process for you, we summarise three pros and cons you should be aware of if you’re keen to head to Latin America for your studies: Pro: Academic reputation. With economies developing rapidly, so is the region’s higher education sector.