Agreement signed with ALADI and ECLAC to set up Latin America- Asia Pacific Observatory

(Montevideo, July 3, 2012).- As part of the CXLV Meeting of the Board of CAF - development bank of Latin America - held in Montevideo, an interagency cooperation agreement was signed between CAF, the Latin American Integration Association (ALADI), and the Commission for Latin America and the Caribbean (ECLAC), to set up the Latin America-Asia Pacific Observatory.

The event was attended by CAF President & CEO Enrique Garcia; ECLAC Executive Secretary Alicia Barcena, and ALADI Secretary Carlos Álvarez. Also present as witnesses of honor were the representatives of the member countries on the CAF Board.

After the event, Garcia said, "the observatory is a very useful tool for CAF member countries. It will provide them with systematized information for a broader understanding of the dynamics of Latin America-Asia Pacific relations and define – on that basis – their strategies for relations with Asia Pacific, solidifying a link that has become increasingly valuable to all parties." García added that the initiative reflected CAF’s commitment "to regional integration and the sustainable development of countries, in its role as a bridge between Latin America and the rest of the world."

ECLAC Executive Secretary Alicia Barcena said "the project, as well as its purpose of disseminating information on the links between the two regions, is intended to be a body for uniting the efforts of our three institutions and the governments of our region to strengthen ties with Asia, which combine economic dynamism with social inclusion and growing environmental sustainability. These aims are fully consistent with the far-reaching proposal that China made to the region a few days ago in the voice of Prime Minister Wen Jiabao."

ALADI Secretary General Carlos Álvarez said "the relationship with Asia Pacific – now the world’s most economically dynamic region - poses strategic challenges in terms of the development models of our countries and our participation in the global economy." He added "we are facing a change in the 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 the South-South relations."

The aim of the Observatory is to provide a systematic, plural and interdisciplinary look at economic relations between the countries of Latin America and Asia-Pacific in an effort to promote cooperation and deepen ties between the two regions. It is an information and analysis tool which is expected to become a reference point for advising governments, businesses and academia, which in turn will contribute to its enrichment.