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.