The arrival of more than one hundred thousand migrants and asylum seekers in New York City and other major U.S. cities over the past year has sparked renewed debate over U.S. immigration policy.

Three decades after its founding, Latin America’s largest trade bloc continues to deal with internal divisions, including over a stalled trade deal with the European Union. New leadership in Argentina and Brazil could shake things up.

The window is still open for the region to benefit from the supply chain reshuffle—but not for much longer.