With the signing of the North American Free Trade Agreement (NAFTA) and the U.S. proposal for the widening of NAFTA to include the whole of the Western Hemisphere, there is now a greater mutuality of interest between the U.S. and the rest of the hemisphere than at any time in the recent past. Mexico, Canada, and the United States continue to deepen and refine their understanding of the practical implications of NAFTA. Latin American and Caribbean countries--most now democracies--have altered their development philosophy, placing greater stress on the workings of the market and opening their own markets to import competition. North America and other hemispheric subregions are seeking greater economic integration behind lowered trade barriers. Under this new philosophy, what other countries of the hemisphere most want is assurance of access to the markets of each other and the United States. This common thinking is what makes the present a most propitious moment for hemispheric cooperation.