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Since the end of the cold war, the pace of changes in the area of international security has accelerated. With an expanded variety and increasing complexity of security threats and risks, innovative strategies cutting across security levels, actors, and areas have had to be developed. This has rendered many conventional theories and approaches less helpful to understand and explain regional security dynamics than in the past. By contrast, regional security governance as an analytical perspective allows for a multi-actor, multi-dimensional, and multi-level exploration of security dynamics and management within a region. In this context, the present paper aims to advance a security governance framework that will allow us to assess the efficiency of various levels of political cooperation aggregation (national, bilateral, regional and hemispheric) in resolving conflict and dealing with the main regional security concerns. This framework takes into account types of governance instruments and power projection of cooperation, in order to offer a more comprehensive understanding of the regional governance of security in Latin America.