The document discusses the concepts of the Global North and Global South. It provides context that the Global South originally referred to economically struggling countries, many located in Asia and Africa, but now can refer more broadly to developing countries in the southern hemisphere. It then focuses on Latin America as a region that can be considered part of the Global South due to shared colonial history under Portugal and Spain. The document outlines some key economic organizations and conditions in Latin America, including the Pacific Alliance and Mercosur trade blocs and their goals of facilitating regional integration and development.