The loss of effectiveness of the multilateral system of the World Trade Organization (WTO), the tensions created by interregional trade agreements and the difficulties in regional integration agreements require, in particular for the Latin American countries, to reflect on the strategies of external insertion, to face the new distribution of world power, with its impact on global economic competence, and to participate in the transition towards a new international economic order. In order to achieve this, is necessary the redesign of the multilateral trading system with the adjustment of existing rules, the alignment with the multiple regional or interregional preferential trade spaces, and a more intense regional economic integration and cooperation in the different spaces formed by the Latin American countries. This book analyzes the factors affecting crises in the multilateral trading system and regional agreements, and proposes courses of action to develop at the national, regional and global levels.