During the 1960s, the countries of Latin America and the Caribbean opted for an economic development strategy based on trade protection. At its core, import substitution sought to protect local industries from foreign competition. Although the region’s economies grew significantly, this growth laid the foundations for the 1980 debt crisis, which was compounded by a series of … [Read more...] about Trade Liberalization and Diversification, key for Central America
Trade Facilitation
Six Ways to Boost Trade between Latin America and India
The IDB recently published, in partnership with the Export–Import Bank of India (Exim Bank), a study on trade opportunities between Latin America and the Caribbean (LAC) and India. The report yielded results that are highly promising for countries and companies in both subcontinents. Bilateral trade between the two regions has increased twenty-fold in as many years, going … [Read more...] about Six Ways to Boost Trade between Latin America and India
Boosting trade cooperation with Korea
Over the last 20 years, Korea has become one of Latin America and the Caribbean’s (LAC) most dynamic trade partners. Bilateral trade quadrupled, reaching US$43 billion in 2018, and foreign direct investment from Korea in LAC has both increased and diversified. Korea is the Asian economy with the largest network of free trade agreements with LAC countries, with a total of … [Read more...] about Boosting trade cooperation with Korea
How blockchain can make trade safer
Blockchain can be used in small ways to have big impacts. Our work with four customs agencies is an example. First, some background on this technology before getting into the details. Blockchain can help us trust the information we are given. Knowing that the data is true and hasn’t been tampered with is a big deal in everything from food labels to financial … [Read more...] about How blockchain can make trade safer
Promoting E-Commerce in Latin America and the Caribbean
E-commerce is an opportunity to make the global trading system more inclusive. It allows micro-, small, and medium-sized enterprises (MSMEs) to access new markets and consumers, break through geographic barriers, and cut down on intermediaries and transaction costs. An increase in e-commerce in Latin America and the Caribbean would improve the region’s competitiveness by … [Read more...] about Promoting E-Commerce in Latin America and the Caribbean