Which of the following is the largest Latin American trade agreement?

Mercosur is recognized as the largest Latin American trade agreement, formed in 1991 among Argentina, Brazil, Paraguay, and Uruguay, with additional countries joining over time. Its primary goal is to promote free trade and the fluid movement of goods, people, and currency among member countries. Mercosur not only facilitates economic integration but also enhances political collaboration in the region, making it a significant player in Latin America's trade landscape.

NAFTA, although a large trade agreement, pertains to North America, specifically involving the United States, Canada, and Mexico. ASEAN, on the other hand, is a regional intergovernmental organization in Southeast Asia, and CAFTA focuses on trade agreements specifically involving Central American countries and the United States. These agreements are important but do not encompass the same scope or significance as Mercosur within the context of Latin America.