There Is an Agenda with the U.S.

The tour of three Latin American countries that President Barack Obama has just completed should encourage us to continue examining the state of economic relations between the United States and the region. A strategic dialogue will allow us to move toward new hemispheric initiatives in the fields of trade, investment and development with shared benefits. The U.S., the main investor in the region, can be an active partner in Latin America and the Caribbean in the continental effort to achieve development with equality.

We see in the world a renewed interest in strengthening trade with Latin America and the Caribbean. However, in recent years the U.S. has demonstrated a lack of strategic vision for the region in this area. We hope this issue is back under the principles of “equal partnership” and development in accordance with every country’s situation as proposed by President Obama in Chile.

The United States continues to be the principal individual trading partner of Latin America and the Caribbean. Our exports to that country are more diversified than those destined for the European Union and Asia. In addition, the U.S. continues to be the principal individual investor, representing 34.7 percent of the accumulated flows of direct foreign investment between 1999 and 2009. However, its participation in regional foreign trade has been reduced in the last decade.

On the subject of exports, it fell from 59.7 percent in 2000 to 40.1 percent in 2009, and imports fell from 49.3 percent to 31.2 percent during the same time period.

There are obstacles to overcome: the free trade agreement treaties with Colombia and Panama (in 2006 and 2007, respectively) that have not yet been presented to the U.S. Congress for approval, and tariff preferences programs that benefit Andean countries and others from the region that find themselves interrupted. We believe that it is time to work together for the conclusion of the WTO Doha Round in 2011 and open a dialogue between the U.S. and the countries of the region participating in the G-20.