Economic integration in the Americas is now in its second generation. None of the first-generation, inward-looking schemes succeeded for very long; however, several promising outward-looking pacts have achieved some success and notoriety, such as NAFTA and MERCOSUR. Though only in its genesis, Plan Puebla-Panama is an initiative that seeks to integrate Mexico economically with its Central American neighbors. What is this plan? Why is it important for this region? Who may be the winners and the losers? And is it really a step toward the Free Trade Area of the Americas, or just another move toward regionalism?