Latin America gains commercial ground with Asia as a counterweight to ties with the United States
The EU treaty with Mercosur is making its way through the continent's regulatory chaos, according to a report by CEOE and CEIB, the region's main employers' organization.
Latinoamérica is a continent marked by great diversity, reflected in the numerous trade agreements in the region. Both the CEOE and the powerful business lobby on the other side of the Atlantic, CEIB, have compiled a report mapping the commercial ties since the EU-Mercosur agreement came into force. The picture reveals fragmented relationships, a patchwork of regulations, but also an effort by the countries in the zone to reduce their dependence on the U.S. market.
Asia is gaining prominence, with five nations - Chile, Peru, Costa Rica, Ecuador, and Nicaragua - having free trade agreements with China, and Honduras having a close relationship. Other jurisdictions, such as South Korea or Singapore, are also helping the continent look toward the Pacific through multiple trade deals, some still under negotiation.
This report detailing these trends was prepared for the Ibero-American business summit taking place in Madrid on November 3-4.
Written by urgent.news from El Pais Economia's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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