Vice President Biden is heading to Mexico later Thursday to kick off the first-ever high level economic dialogue between the two nations. On his third trip to Mexico, Biden will sit down with President Enrique Peña Nieto as part of the launch of the U.S.-Mexico High Level Economic Dialogue in Mexico City to improve the economic relationship between the two neighbors.

Mexican President Enrique Peña Nieto announced on Monday one of the most "sweeping economic overhauls" in Mexico's history with his proposal to open the country's closed energy industry to foreign investment for the first time in 75 years. For Mexico's northern neighbor, the question is how do these reforms affect the average American consumer, the North American energy sector, and the overall U.S. economy? According to energy and economic analysts, the answer is simple: A lot.

The Pacific Alliance is a new initiative among four Latin American nations with the potential to reinvigorate the regional trade agenda in an exciting way. Having grown weary of waiting for meaningful hemispheric trade expansion in the wake of the collapse of the Free Trade Area of the Americas (FTAA) a decade ago, Chile, Colombia, Mexico, and Peru agreed to link their economies more closely through trade, finance, and labor market integration. Others, including Costa Rica, are on deck to join.

During the first years of the implementation of the North American free-trade agreement, commentators argued that it in fact stood for two bilateral agreements: the first between Canada and the United States, and the second between the United States and Mexico. This has now become an outdated point of view. Today, almost twenty years after its implementation, NAFTA is no longer considered a two-part deal between three countries. NAFTA is both a mirror and a motor of a far more integrated North American region.