A CALL TO STRENGTHEN COMPLEMENTARITY OF LATIN AMERICAN AND ASIAN ECONOMIES FOR THE BENEFIT OF TRADING ALLIANCES

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Minister of Economy, Bruno Ferrari, posed the need for giving a greater added value to the products exported by the Latin American region.


Ferrari took part in an panel on the future of relations between both regions, together with Alicia Barcena Ibarra, Executive Secretary of ECLAC; José Luis Silva, Minister of Foreign Commerce and Tourism of Peru; Gary Coleman, Managing Director of Global Industries, and Dino Patti Djalal, Indonesian ambassador to the United States.
 
Latin America and Asia should strengthen the complementary nature of their economies to promote trading alliances that drive the internationalization of domestic markets and business competitiveness.

At “The future of Asia-Latin America relations” panel at the World Economic Forum, Minister of Economy, Bruno Ferrari, stressed the need for the Latin American region to keep on working on its trading relations by giving more added value to its products.

“We can be the largest exporter of agricultural products to the United States, but we export them without added value”, Ferrari stated.

Ferrari took part in the panel together with Alicia Barcena Ibarra, Executive Secretary of the Economic Commission for Latin America and the Caribbean (ECLAC); José Luis SilvaMartinot, Minister of Foreign Commerce and Tourism of Peru; Gary Coleman, Managing Director of Global Industries, and Dino Patti Djalal, Indonesian ambassador to the United States.

The Minister of Economy indicated that the Latin American countries export 34 per cent of their goods to the United States, 21 per cent to the Asia-Pacific region, and 13 per cent to Europe.

In this sense, he pointed out to the fact that the Mexican exports to the Asian region have grown at a 20.3 per cent annual rate in the last five years.

Ferrari emphasized that the future of the Mexico-Asia relations, one of the economic regions with the largest growth potential in the next years, will be in the field of clean energies, where Mexico has assumed a leading position.

Minister Ferrari said that Latin America faces great challenges, such as high levels of inequality, technology deficiencies, and the need to increase productivity.

He also stressed the need for Mexico to come closer to Asia. “Trading has specially favored the Asia-Pacific region as a consequence of export diversification.”

Alicia Barcena Ibarra, Executive Secretary of ECLAC, considered that a change in the export profile of the Latin American countries requires working on matters such as education, science and technology.
 
José Luis Silva, Minister of Foreign Commerce and Tourism of Peru agreed that one of the challenges Latin American countries face today is changing from a raw material exporter to a marketer of value-added products model.
 
Dino Patti, Indonesian ambassador to the United States, considered that the future of the relationship between both regions seems positive, and it will be determined by two factors: economic logic and the rapid expansion of middle class.

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