CAF, ALADI and ECLAC present the Latin America – Asia-Pacific Observatory

(Montevideo, May 31, 2012).– CAF - development bank of Latin America - together with ALADI (Latin American Integration Association) and ECLAC (Economic Commission for Latin America and the Caribbean) presented, at the ALADI headquarters, the Latin America – Asia-Pacific Observatory which will provide a systematic, plural and interdisciplinary look at economic relations between the countries of Latin America and the Asia-Pacific region in an effort to promote cooperation and deepen ties between the two regions.

In the opening ceremony, the Uruguayan Minister of Economy and Finance, Fernando Lorenzo, stressed the importance of Latin American countries’ relations with Asia-Pacific. "While it is a fact that relations have been growing stronger, more knowledge and analysis, study and understanding are required." He added "today it is important to understand what our trade is based on, and also how decisions are made on the two sides."

ALADI Secretary General Carlos Álvarez said "we are facing a changing world order, from the political standpoint because of the decline of the unipolar world, and from the trade standpoint because of the north-south shift, with the growing importance of South-South relations." The Observatory is important because "no one doubts that Asia Pacific is the world's most dynamic region."

CAF director representative in Uruguay Gladis Genua said "the Observatory is a very useful tool for gaining knowledge and understanding of the dynamics of relations between Latin America and Asia-Pacific since it will provide the information needed to guide countries in designing their strategies and strengthen a bond that we hope will be fruitful for all parties." In this respect the minister underlined CAF’s commitment "to the regional integration and sustainable development of countries."

Presentation of the Observatory was an appropriate setting for the ECLAC director of International Trade and Integration, Osvaldo Rosales, to launch the book "China and Latin America and the Caribbean: toward a strategic economic and trade relationship." Rosales said "the Latin America – Asia-Pacific link has redrawn global economic geography based on the relevance Asia has acquired in recent years. However, he cautioned "Asia-Pacific is more proactive toward Latin America than vice versa," which is why "the aim of the Observatory is to become a suitable ally in pursuit of this goal."

The event was also addressed by the ambassadors of Asia-Pacific countries and the permanent representatives of ALADI member countries. All recognized the relevance and timeliness of the initiative and pledged their support for the project.