Trade liberalization policies in Latin America and the Caribbean faced challenges due to economic crises. Countries like Argentina, Chile, and Colombia reformed trade institutions to align with GATT rules. They used reference prices and antidumping measures to manage imports. Despite liberalization, some sectors remain protected. Lessons learned include the need for constant review of trade policies, communication of protection costs to the public, and extending reforms to labor and capital markets. An independent advisory institution is recommended for handling protection requests transparently. Injury analysis for trade policies should meet high technical standards and reflect national interests.