No Latin American country is neither party to the “Convention on the Protection and Use of Transboundary Watercourses and International Lakes” (1992) nor party to the “Convention on the Law of Non-Navigational Uses of International Watercourses” (1997). Consequently, it is worth asking how far both conventions — which have universal scope, faithfully reflect the international custom and the general principles of International Water Law. Apparently, the emergence and the content of both conventions omit closer practices to the Latin American reality. Therefore, it is necessary to open a debate and discuss about the adequacy of adopting regional agreements or maintaining the status quo in the region.