This book examines the political and legal aspects of creating a regional space agency for Latin America. It focuses on the potential discussion forums where such a project could be launched, and the conditions necessary to set up this entity including its legal framework, institutional structures, activities and programs. It also identifies the transfer of competences and cooperation agreements that would facilitate Latin America speaking and acting with one voice on the international space stage. It demonstrates how the European Space Agency (ESA), as the regional space agency for Europe with more than 50 years' experience, as well as other regional space cooperation mechanisms, could serve as models for such a regional entity in Latin America. It also comprehensively lists the required components, structures and rules that would enable common peaceful space activities at the regional level for the development of Latin American states and for the benefit of their societies.