Shaping the Future of the Asia and the Pacific–Latin America and the Caribbean Relationship
By Asian Development Bank, Inter-American Development Bank, and
Asian Development Bank, Inter-American Development Bank, and the Asian Development Bank Institute, 2012, pp.
This timely collaboration among regional development institutions details recent trends in trade, investment, and development cooperation between Asia and Latin America, a historic transformation of the global economy that is still in its early stages. Among the main findings and conclusions are the following: Asia’s share of Latin American trade surged to 21 percent in 2011, second only to the United States’, which was 34 percent; Asian investments in Latin America, although rising, are lagging relative to the growth of Asian–Latin American trade; and the two emerging regions could benefit from sharing development experiences in areas such as export promotion, poverty reduction, natural-disaster mitigation, and financial regulation. Indicating the high degree of transpacific dynamism, the study records 18 current interregional free-trade agreements and 12 more in the pipeline. To attract more high-quality Asian investment and technology, Latin American countries, the authors urge, should continue to liberalize their regulatory policies, upgrade their infrastructure, and invest in international education. Brief but illuminating case studies describe promising investments by large Latin American firms targeting growing Asian markets in food distribution, wind power generation, and iron and steel.