A study recommends countries of Latin America to modernize commercial and productive strategies to promote relations with China

Trade between China and Latin America has experienced an "unprecedented expansion" during the past 15 years, but the trade of raw materials is reaching its limits, so new strategies have to be found to consolidate the association with the Asian giant, which "has been, and will continue to be, an element of real change for the region". 

These statements are included in the report  "Perspectivas económicas de América Latina 2016: Hacia una nueva asociación con China" (Economic prospects of Latin America 2016: Toward a new association with China), developed by the Organization for Economic Cooperation and Development (OECD), jointly with CAF, Development Bank of Latin America, and the Economic Commission for Latin America and the Caribbean (ECLAC), presented in an event held at the headquarters of the Ministry of Foreign Relations of Uruguay. 

A high level panel addressed the content of the text and presented its conclusions before a large audience that included entrepreneurs and representatives from international organizations. 

 Vice-Minister José Luis Cancela stated, "We are obliged to re-think about ourselves as a region and as a country with respect to access to markets. We must develop commercial strategies that enable us to insert ourselves in the world and we must pay special attention to China". 

In addition, he stated that "Uruguay needs to diversify and modernize  its productive strategy", including the services and food sectors, among others that interest the Asian giant. 

At the same time, the Under-Secretary of the Ministry of Economy, Pablo Ferreri, highlighted that the government is working to expand its relations with China. In this respect, he announced that Tabaré Vázquez, President of the Republic, will travel next year to China and will attend several meetings with entrepreneurs and authorities to advance agreements and create business opportunities.

The core content of the report was in charge of Mario Pezzini, Director of the Development Center of the OECD, who highlighted the strong growth of emerging economies in past years. "Between 2000 and 2010, 83 emerging countries grew more than double the average of the countries of the OECD", he stated. In any case, he asked himself if that growth is sustainable, and called to seek new commercial and development strategies. 

The document indicates that "to continue to be competitive with China, Latin America should diversify and modernize its productive structure, based on innovative productive development policies". 

The panel of specialists that analyzed the report included Gladys Genua, CAF's Director Representative in Uruguay; Ricardo Nario, General Director of International Economic Affairs of the Ministry of Foreign Relations; Sebastián Rovira, Coordinator of the Productive and Entrepreneurial Development Division at ECLAC, and Gabriel Papa, advisor at the Ministry of Economy and Finance.