Latin America, ASEAN seek trade potential

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Indonesian President Susilo Bambang Yudhoyono called for further collaboration between ASEAN and Latin America at the two-day ASEAN Latin Business Forum 2012 in Jakarta, held on July 9 and 10.

Yudhoyono  said that both regions have displayed resilient economic growth despite global market uncertainties.

He added that though the two regions are influential emerging markets that share key characteristics – such as large populations, robust economies and sizeable commodity production – reciprocal investment remains low. Of the $2.5 trillion of trade conducted by both ASEAN and Latin America combined, just 2.3 per cent of that accounts for bilateral trade between the two regions.

The president remarked that the cost of trading would need to be cut in order to stimulate cooperation, which would thus reflect the truth cost of exporting. He also urged the business community to build off of the existing frameworks to address such issues as deregulation, transparency, corruption and competition policy.

Growth in Latin America this year is forecast at 4.1 per cent, , down from 4.4 in 2011, the president of the UN Economic Commission for Latin America and the Caribbean (UNECLAC) said. The GDP of the region has already reached $6.87 trillion.

A clear indicator that Southeast Asian nations can play a significant role in stoking the global slowdown, overall growth in the ASEAN Community is predicted to reach a solid 7.2 per cent this year, accounting for a GDP of $3.36 trillion.

Yet precious few business deals have been made between the two regions to date. Brazilian mining company Vale, one of the largest in South America, is part of the trickle of Latin American companies that have set up a presence in Southeast Asia. Policy makers recognise that this is an issue that needs to be urgently addressed, one that would certainly herald in previously unexploited growth opportunities.

 

 

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Reading Time: 2 minutes

Indonesian President Susilo Bambang Yudhoyono called for further collaboration between ASEAN and Latin America at the two-day ASEAN Latin Business Forum 2012 in Jakarta, held on July 9 and 10.

Reading Time: 2 minutes

Indonesian President Susilo Bambang Yudhoyono called for further collaboration between ASEAN and Latin America at the two-day ASEAN Latin Business Forum 2012 in Jakarta, held on July 9 and 10.

Yudhoyono  said that both regions have displayed resilient economic growth despite global market uncertainties.

He added that though the two regions are influential emerging markets that share key characteristics – such as large populations, robust economies and sizeable commodity production – reciprocal investment remains low. Of the $2.5 trillion of trade conducted by both ASEAN and Latin America combined, just 2.3 per cent of that accounts for bilateral trade between the two regions.

The president remarked that the cost of trading would need to be cut in order to stimulate cooperation, which would thus reflect the truth cost of exporting. He also urged the business community to build off of the existing frameworks to address such issues as deregulation, transparency, corruption and competition policy.

Growth in Latin America this year is forecast at 4.1 per cent, , down from 4.4 in 2011, the president of the UN Economic Commission for Latin America and the Caribbean (UNECLAC) said. The GDP of the region has already reached $6.87 trillion.

A clear indicator that Southeast Asian nations can play a significant role in stoking the global slowdown, overall growth in the ASEAN Community is predicted to reach a solid 7.2 per cent this year, accounting for a GDP of $3.36 trillion.

Yet precious few business deals have been made between the two regions to date. Brazilian mining company Vale, one of the largest in South America, is part of the trickle of Latin American companies that have set up a presence in Southeast Asia. Policy makers recognise that this is an issue that needs to be urgently addressed, one that would certainly herald in previously unexploited growth opportunities.

 

 

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