Latin America isn’t content to just sit back and let the recovery happen to its exchange traded funds (ETFs). The region is taking matters of growth into its own hands, joining forces with Caribbean nations to discuss forming a bloc that would promote better economic well-being.

The Getulio Vargas Foundation (FGV) and the Institute for the Economic Research at the University of Munich have conducted a study and found that Latin America has entered a period of “good” recovery, according to People’s Daily Online.

Latin America registered an Economic Situation Indicator (ICE) of 5.6 in January 2010, compared to 5.2 in October – ICE levels go from one to nine and any figure above a five represents positive economic signals. Latin American countries that registered an ICE above 5.0 include Brazil at 7.8, Chile at 7.4, Peru at 7.3, Uraguay at 7.0 and Argentina at 5.3. [Reasons to Consider Brazil.]

With that, representatives of 32 countries are meeting in Cancun, Mexico in an attempt to create a regional organization that excludes the United States and Canada, reports Tracy Wilkinson for The Los Angeles Times. The new bloc is expected to promote better integration and shared economic development among Latin American and Caribbean countries. [How to Cope with Risks in Latin America.]

For more information on Latin America, visit our Latin America category. If you’re interested in investing in Latin America, take a look at the ETFs below. Narrower funds may give you more pure-play exposure to various countries in the regions, while the broader ones lower your overall risk. [6 Things You’re Missing If You Don’t Have Global ETFs.]

  • iShares MSCI All Peru Capped Index (NYSEArca: EPU)
  • Global X/InterBolsa FTSE Colombia 20 (NYSEArca: GXG)
  • Shares MSCI Brazil Index (NYSEArca: EWZ)
  • iShares MSCI Chile Investable Mkt Idx (NYSEArca: ECH)
  • iShares MSCI Mexico ETF (NYSEArca: EWW)
  • SPDR S&P Emerging Latin America (NYSEArca: GML): Brazil, 66%; Mexico, 20.5%; Chile, 9.7%; Peru, 3.7%
  • iShares S&P Latin America Index (NYSEArca:ILF): Brazil, 61.1%; Mexico, 23%; Chile, 10.4%; Peru, 3.3%

Max Chen contributed to this article.

The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.