The region must leave behind the "long night of neo-liberalism," said Correa during a meeting with visiting Argentine President Cristina Fernandez.
The time was over when Latin American nations were separated, isolated from each other and forced into compliance, he said.
"Latin America is living a new era with sovereign governments, dignified, independent and progressive," he said.
Meanwhile, Correa called for the establishment of a new "regional financial architecture in order to banish forever the defect of the selfishness, isolation and fratricidal competition for the resources in our countries."
Correa urged the Latin American nations to strive to build a new financial architecture "that eliminates the subordination to the international financial organism and that exceeds the limits of trade integration."
Correa also thanked Fernandez for Argentina's support during the recent crisis between Ecuador and Colombia.
Ecuador broke off diplomatic relations with Colombia on March 3after Colombia's army attacked a rebel base of the Revolutionary Armed Forces of Colombia (FARC) on Ecuadorian territory on March 1,which killed 26 people.
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