U.S.-Latin America Trade: Recent Trends and Policy Issues [Updated September 3, 2009] [open pdf - 214KB]
"Trade is one of the more enduring issues in contemporary U.S.-Latin America relations. Latin America is far from the largest U.S. regional trade partner, but it is the fastest growing one, with the current exception of Africa, which has had strong export growth based largely on the rise of petroleum prices through mid-2008. Latin American countries have made noted progress in trade liberalization, reducing tariffs significantly and entering into their own regional agreements over the past two decades, although the pace has slowed of late."
CRS Report for Congress, 98-840