Trade between four core members quadrupled between $1990$ and $1998,$ but recession created major problems. Hopes for revival with addition of Venezuela and quest to become customs union.

A hemisphere$-$wide free trade area was proposed in $1994,$ but little progress has been made despite a new summit in $2005.$

Began as customs union, moved to common market, and then political integration. Environment and job loss fears did not materialize.

Far less successful that the EU$,$ it had all but collapsed in the $1980$s$.$ Some growth was seen after adoption of free market economic policies. Negotiations on the creation of a free trade area are procing at a very slow pace.

After an earlier attempt failed following a war between two participants, a new impetus came in $2003$ when the United States signaled its intention to enter into bilateral trade negotiations with the group.