The Association of Multiple Banks of the Dominican Republic (ABA) and the Latin American Federation of Banks (Felaban) revealed yesterday the challenges for trade in Latin America and the Caribbean.
During the beginning of the thirty-eighth Latin American Congress on Foreign Trade (CLACE), the representatives of the national and international banking sector stated that the slowdown in economic growth, inflation, the weakening of currencies and the effects of international geopolitics are important challenges for trade in the region.
The general secretary of Felaban, Giorgio Trettenero, projected that in an optimistic scenario growth of the regional Gross Domestic Product (GDP) will be around 1%, according to estimates by the entity.
Trettenero added that tariff measures distort trade prices, and restrictive measures appear that limit the flow of goods and services.
“We believe that this turns out to be a wrong path that only leaves less well-being for the general public and fewer possibilities to choose those goods of their choice. Always from our federation, one of the mission objectives has to do with regional integration and free market principles, ”he explained in the activity that was held at the Jaragua hotel.
He commented that it is important to be clear about the outlook that lies ahead in order to take the necessary measures and face difficult scenarios.
He stressed that trade should be a source of growth, through its diversification in international markets.
While Daniel González, president of CLACE, added that the exchange of intangible goods and services increased, for which he estimates that this trend would continue, which he classified as good news.
Susana López, president of the ABA, stated that the panorama represents opportunities for Latin America to increase its participation in world exports.
Light at the end of the tunnel
Despite these challenges, Trettenero spoke about the positive of this scenario and cited the normalization of maritime trade, saying that according to the Drewry Index, container transport costs fell by almost -39% per year.