Well, you have Mercosur....
One of the advantages a trading bloc gives you is a large internal market. Europe is a huge economy, and by forming the EU, created an economic rival to the US. All of South America is a much smaller economy. The economies of scale are less than in Europe, although still worth pursuing.
The other problem is getting goods around. Europe is pretty flat, really, certainly between France, Benelux and Germany. There's also good roads and rail connections.
Getting stuff back and forth across the Andes is going to be tougher. Peru-Brazil trade would be very expensive.
Also, there has been a lot more rivalry between various South American nations than between European ones since... 1950? say?
Plus, several nations were run by dictators, juntas and strongmen. This doesn't prevent trade blocs, I'm sure, but it probably hinders them.
So...
And earlier Mercosur? sure. A more successful one? sure. Something to rival the EU? nope.