As a latin-american, I never understood why spain could not capitalize on their relationship and cultural ties with Latin America, like England did with the com

As a latin-american, I never understood why spain could not capitalize on their relationship and cultural ties with Latin America, like England did with the commonwealth. We speak the exact language across a really vast territory across two continents, some potential there must have been! It is really austonding that there only a loose integration between spanish-speaking countries, despite sharing very similar (good and not so good) cultural values.