Internationalization is a word that has become clichéd by its application in and out of context and to almost all situations where more than one nation is involved. But despite these criticisms, the fact remains that an international experience often defines a turning point in a person’s life. The whole perspective of the person involved undergoes a change, which becomes the most important outcome of the internationalization process, rather than the much touted economic or sociocultural benefits. Internationalization imparts a holistic perspective in a person and places him on a high vantage point of critical observation, which many of his peers may not have the fortune to experience. Internationalization has a national realm as well as an individual realm and often the nation’s policies decide the level to which academic internationalization can progress, whereas at the individual realm often national policies have little influence (deWit et al., 2005). Thus internationalization has a rustic, earthy realism about it which is often masqueraded by the glitzy glamour of international organizations and their arms of internationalization. Pradeepkumar and Behr (2009) opined that internationalization is not a new phenomenon, and the visits of Chinese scholars to the Indian universities of the BC period were truly events that predated globalization and internationalization as we know it today. Even in those days, internationalization and globalization went hand-in-hand. Knowledge transfer, even in the days of instantaneous communication, is effective only when one can personally experience excellence, and no political or geographic barrier can prevent this; just as was in the case of Hsüan-tsang (who went on to establish the Weishei school of Buddhism in China) the Chinese scholar in residence at the Taxila University and Nalanda University in India. Cross-border scholarly migration has taken place in ancient times at most centres of higher learning in the world (Stearns and Langer, 2001). This activity is currently termed ‘networking’ and Latin American nations leverage this amongst themselves and internationally to attain excellence in certain research and academic centres. It’s been 460 years since the founding of Peru's oldest and most prestigious university, UNAM or Universidad Nacional Mayor de San Marcos, Universidad del Perú (UNAM), and has Peru made good use of this early advantage? It is in this context that we take a look at internationalization of education in Latin America with special emphasis on Peru. The level of internationalization varies from country to country in Latin America (de Wit et al., 2005). In Peru, as in most developing countries internationalization had meant receiving development aid and technology transfer in all sectors, including education. But this approach is slowly giving way to cooperative agreements and partnerships, not just with the developed nations, but also with the developing world (Butters et al., 2005). Internationalization of education in Peru has not really lead to quality improvement, because most of it has involved foreign entities setting up universities in Peru and running courses that need low investment, like sociology, law and business administration. This has meant that no qualitative improvement in the S&T capabilities of students have taken place due to this internationalization, which actually is glorified globalization in action. Peru’s indigenous population is a treasure trove of little studied languages. International collaborations in the study of such languages are essential and this is an area of internationalization which can lead to better elucidation of the cultural and sociological uniqueness of the natives and thereby enrich the world’s understanding of its cultural diversity. The move by Consejo Nacional para la Autorización de Funcionamiento de Universidades (CONUFA)’s to start a new university for the indigenous population of Northern Amazon region which will deal with topics like forestry management and medicinal plants which are relevant to the local people, in their own languages like Aguarana, Ashaninka (pre-Andean Arawak linguistic family), and Shipbio-Conibo is a move in the right direction and it is in such ventures that international cooperation can be fruitful. The maximum fee paid by Peruvian students for higher education is $3,600 and 33% of students work while studying in the public universities compared to 28% in the private ones. This can be correlated with the fact that students who study in the government universities come from a less affluent background compared, but it also cannot be ignored that probably it is the former that maintains higher quality control over intake and provides better quality education (only 16% of applicants are successful in government universities while 74% are successful in private ones (INEI and ANR, 1997)). Thus internationalization of education in Peru has to take into account the realities of the educational aspirations of the people, rather than allow the profit motive to decide the course of foreign involvement. Introspection on the factors that can lead to student motivation and improved enrolment often reveals that excellence in academic matters is the prime motivator, as the Pontifical Catholic University of Peru in Lima found out in the latter half of the 90s, when it was faced with a bleak future and examined the reasons for low student enrolment (Salmi, J., 2009). A critical look at the GATS, Mercosur agreements are required so that internationalization does not get subsumed by the doctrines of globalization in Peru.