Can Caribbean Trade Help Tackle Hemispheric Challenges?

By: - August 2nd, 2013

Above: OAS ASG Albert Ramdin (OAS Photo)

By the Caribbean Journal staff

Can increased trade within the Latin America and the Caribbean help the region reach its economic potential?

That was the idea put forth by Assistant Secretary General of the Organization of American States, Albert Ramdin, who was on hand this week to launch the Miami chapter of the Latin American Business Council.

Ramdin said increased intra-regional trade was “critical” for furthering the region’s economic growth.

Today, intra-regional trade in Latin America and the Caribbean stands at around 20 percent of total trade, in contrast with 65 percent with the European Union, 52 percent in Asia and 50 percent in NAFTA countries.

“If we are more organized and integrated, our region has the potential to alter the economic and commercial landscape in this global era,” he said.

Ramdin also proposed the creation of a space for dialogue between regional trade ministers and the private sector, emphasizing the “key role of trade and regional integration” in adapting to changing global economics.

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