In what will be the “most ambitious hemispheric initiative in years,” the Obama administration is exploring a regional trade plan that would extend the North American Free Trade Agreement (NAFTA) to include Latin America and surrounding nations.

The potential expansion falls on the 20th anniversary of NAFTA’s implementation which officials are calling a “golden opportunity” to re-launch the agreement while deepening the existing agreement between current members. The current members, the US, Mexico and Canada, plan on reaching out to the rest of Central America, the Caribbean, and Latin America according to US Secretary of State John Kerry.

According to the article in the Miami Herald, “Kerry stated that the United States, Mexico and Canada would be the major block of it, reaching out to the rest of Central America, the Caribbean, and Latin America, and would focus on North American countries primarily as several South American nations are not yet willing to forge closer commercial ties with the United States.”.

For more on the potential trade deal, view the Miami Herald story here.